I am no economist, I am no real estate expert, and for certain I am not an account or finance hotshot. I am a product designer so I can pretty much say anything thus I propose a question: What would happen if yearly property tax could be rolled into 30year mortgage along with the price of the home. This allow people to lock in a fixed property tax rate which would do several things that are imo positive. First it means that people can purchase of home without fear of not being able to afford to live there in the future...or at least for the thirty year future! Second it provides a certain incentive for people remain in their neighborhood and take care of it. Third, property tax rates and home values might fluctuate for better or worse and this perhaps (in my ignorant minds eye) could be one way to even the humps for municipalities and home owners. Plus if a neighborhood is "hot" and homes values increasing faster than incomes then the new buyers bear the increase burden not the people who moved to the neighborhood when the homes were a low price and lower tax liability. In some ways this becomes similar to rent control schemes in major cities where the cost of living outpaces common wages.
Anyway just a thought. It might be naïve but at least it's mine to have :) !
Anyway just a thought. It might be naïve but at least it's mine to have :) !
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