Also, there should be carveouts (like we have in Toronto) for the elderly and disabled to have their taxes paid from the residual value of their home until they die, so our communities don't just push out our most vulnerable fifth of society when housing booms.
I’m also not sure “punishing” (well now you have to buy it) local municipalities results in better governance.
Also sounds like an invite for corruption. Evaluate high, sell to the city… now the locals are all on the hook.
It provides the proper incentive to align appraisals with market value and prevents the city from exploiting its citizens.
If the option to sell is at anytime through the year, there is the risk of city being on the hook when values tank across the board. If the exercise window is only say a month after the appraisal this risk is diminished.
I could see this system being used to exploit uneducated homeowners and essentially con them into selling below market value. Not sure how to lower the risk of this one happening.
2. I don't see the exploit? If they sell below market value then the government gets the profit.
Sounds like I lost all my property rights right there…
Hard to imagine the US government has 1.5 trillion lying around to pay people to stay home, but they figured it out.
"If you’re age 65 or older or fit one of several other categories, you don’t ever have to pay the property tax on your homestead right now at all. Get a tax bill? Forget it. If you file an affidavit, your tax bill is magically delayed. Nobody collects until you move on."