plummbob t1_izbnw2v wrote
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>Richmond advocates a constitutional amendment to allow local governments the option of creating tax exemptions and other tools to protect homeowners from rising real estate taxes because of soaring home prices and assessments.
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prop 13 to RVA? I heard its been a resounding success in california.
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> Allowing local governments to develop and implement means-tested, long-term owner-occupied real state tax relief programs will help prevent the displacement of long-term owner occupants due to dramatically rising property tax assessments, thereby leading to neighborhood gentrification,” the city states as its third legislative priority.
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we'll fucking do anything but legalize more housing. we'll even ensure people are stuck in pockets of multi-generational poverty before they legalize more housing.
debaterollie t1_izfpz0n wrote
Seems like we could just increase the homestead exemption. that way it helps people at risk of being gentrified, w/o helping corporate landlords.
plummbob t1_izfqdxh wrote
Depending on the extent, that could just geographically lock people in place because they would face a steep increase if they tried to move. It would also result in inderdevelopemnt, causing home prices to appreciate faster than otherwise.
debaterollie t1_izfqp3f wrote
no- a homestead exemption gives you a reduction in property tax on your primary residence so it would follow you to your new primary residence if you moved.
plummbob t1_izfryhz wrote
A homestead exemption in rva won't help if you try to move to nova. It would have to be statewide, but we can see in areas other areas like california and colorado, it doesn't help in any long term way in maintaining affordability. Nor does it help renters, who are often low income, and depending on the extent can cause budget issues from a decline in revenue.
A more economocally effective policy is a low income tax credit.... a "property tax break circuit breaker"
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