No, the person you’re replying to likely lives in an area with annual assessment limits. This means when they move into their house, they pay taxes on the assessed amount at that time. Every year, even if the assessment shows a 50% increase in value, your tax increase will be capped at something like a 2% increase. Over the course of 30 years this adds up to huge tax savings the longer you stay in one place. The downsides are that it causes more traffic, causes homes to sell less often, and provides less local tax to fund public programs like schools.
No, the person you’re replying to likely lives in an area with annual assessment limits. This means when they move into their house, they pay taxes on the assessed amount at that time. Every year, even if the assessment shows a 50% increase in value, your tax increase will be capped at something like a 2% increase. Over the course of 30 years this adds up to huge tax savings the longer you stay in one place. The downsides are that it causes more traffic, causes homes to sell less often, and provides less local tax to fund public programs like schools.
Ohh snap I read the comments wrong. I totally missed the “the way the guy wishes they did” referring to taxes. Nice catch.
I was explaining how it must be for the guy in the pic. Not how the OP was talking about it. Thanks for the clarification on my fuck up.