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Property tax law is one regulation in my locality that has provided incredible benefits to the residents since it was enacted. For instance, it has helped in protecting inhabitants from displacement, in any case, the value of their houses increases faster than their incomes.
However, one specific regulation needs to be improved because it is hurting young and first-time home buyers. According to the law, the longer a resident owns a home within the locality, the lower their effective tax rate. As a result, those buying homes for the first time will always bear the highest effective property tax. Typically, it means that young families with less wealth bear the highest tax burden compared to their more established neighbors who gain from the same welfare services their property taxes fund.
It is entirely possible to find a young couple in their thirties earning an annual income of $80k and paying property tax of $5000 in a year. Another couple in their fifties residing next door on virtually the same house and making around $150k in a year remits only $3000 annually in property taxes. The fact that the regulation places more burden on young individuals owning homes within the locality makes this legislation unfair. The good thing is that the law can be improved to protect older homeowners from increases in property tax and at the same time eliminating the undesirable effects mentioned above. What needs to be improved is the basis in which the local government calculates the property tax. Young homeowner's income should also be put into consideration when computing property tax. For instance, the regulation can be changed to cover people in a given income tax bracket.
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