Way2trivial

Way2trivial t1_jdokfs8 wrote

Do you know how property taxes are set? dividing the ratables over the budget.

so (keeping it simple) if the total value the tax assessor finds for a community real estate is 100 million, and the community needs 1 million to operate, everyone chips 1% of the value of their property in.

if the value of all the real estate is 1,000 million (billion) the tax rate is .1% and every chips .1% of the value of the property in.

If implemented, and EVERYONE with property started off with an automatic 4X amount as assessed by the tax assessor- then everyone would have the same tax bill as before.

It's when you go to declare a different valuation that your tax bill changes and risk increases or decreases to match.

So if my fair market price $500,000 house WAS assessed at $420,000 now my fair market house still priced at $500,000 is now assessed at $1,680,000 but my tax bill stays the same. If someone wants to pay me 1.6 mill for it- I'm good.

It's when I want to declare a different value that my bill levels out...

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Way2trivial t1_jdo3bte wrote

so everyone lists an amount that would make it worth selling it for and the tax rate gets based on that amount..

So if everyone declares their house to be 'worth' 100% more than they paid for it, (and if I was offered double, I'd move) the tax basis is reduced to the same bill amount per property...You could also just make primary residences excluded....

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Way2trivial t1_jdo0n9y wrote

Not "informal"
https://theshoreblog.com/ocean-city-beach-information/
"Additionally, surfing is permitted on beaches south of 36th Street where lifeguard stands are 3 blocks apart. Surfing is permitted at all beaches either before or after lifeguards are on duty."

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