Dueling Republican property tax cuts bill both put future school funding in danger.
Proposition 13 ballot measure, a property tax cut touted by then-presidential candidate Ronald Reagan in 1978Phelan’s proposed property tax plan would slow increases in taxable value of a homestead to only 5 percent a year from the current 10 percent. The idea, shared with Prop 13, is that rising property values should not force someone to sell their home because their taxes rise faster than their income.
Both property tax proposals have two things in common, they help homeowners now and hurt schools later.Most property taxes are set by school districts. The state is constitutionally barred from collecting property taxes; all it can do is regulate how they are collected. The state can cut property tax rates, which would leave school districts without money, but that’s also bad politics.
Phelan’s office says the owner of a $350,000 home would save more than $1,000 over two years under House Bill 2. Anyone who routinely protests their tax appraisals knows that every year you can keep the taxable value of your home down, the savings compound.Phelan’s appraisal cap shifts the tax burden onto new arrivals and young people and boosts prices.
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