Image by Flickr user D'Arcy Norman
Back in 2006, to quell complaints of skyrocketing home taxes, property reassessments were capped at 15% increases.
Catch was, if you just bought a home or changed your property significantly, you'd get stuck with the full assessed value. It made sense to me, if you had the cash to shell out for new things then you probably deserved less protection.
But now folks are unhappy with the fix and say even property being being vastly improved or sold deserves protection.
The question here is: If everyone's home value is capped but the state still needs to collect the same amount of money, how does the tax burden shift?