Many very real costs of owning real estate are purposely obscured by the real estate industry. Structures depreciate and around 1-2% of the property value should be reserved for maintenance (depending on age). Acknowledging this would shift rent v own calcs so it isn’t discussed.
I was looking at property tax records in Austin a little while back. It seemed like the assessed value (what property taxes are based on) was really racking the market value. Is that right? I was astonished to see how costly it would be to live there because of property tax!
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In theory, the tax rate should fall if the market values of all the property in taxing district rise because the amount of revenue should remain constant.
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The first two words in your tweet are the key ones. In theory.
End of conversation
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