Replace property tax with income tax??? How would that even work? Do you have an example of a city that did this?
Oh thatās easy. Renters subsidize homeowners! 
I have not seen numbers crunched, but several thousand units of government have local income tax (remember in much of NC, school costs are borne by counties and the cuonty rates reflect that). A quick look at one Stateās property tax averages (Kentucky) shows their average city+county is about half (half a percent)of Wake County (one percent) and Wake is one of the lowest in NC. Do they offset? Not sure. Not sure about other states either. Admittedly, Kentucky isnāt booming like NC (I spend a lot of time in Louisville an Lexington), so maybe Raleigh style gentrification isnāt on the plate, but some places like Germantown in Louisville do seem to have a much more evenly mixed housing fixed-up-level instead of east Raleighās 500-700,000 vs condemned situation. The neighborhood playing field certainly has to be more level with fewer property taxes to pay. A common scenario on just my block is half the houses get fixed up, the guy in between has a SS check of 1500 a month and nothing else and suddenly his property taxes vault from 100 a month to 300. For what? He paid taxes here his whole life and now he has to move in with his kids or skip a meal. Or sell the meds he actually needs for himself. Even if nobody actually made the switch from property tax to income tax (might take legislative action now that I think about it), maybe its time to consider it. I guess it comes down to if you want to kick your poor people out or not (not saying you Mike, just a general statement about governance)
Interesting points. I always wonder how the the low or no income tax states handle gentrification which is often subsidized with higher property taxes.
This is why I would like to see a homestead tax exemption or deferral of portions of property tax until sale for the long term homeowners in these fast appreciating neighborhoods.
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Seems like an easy fix. Everyone wins
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Florida has no income tax and mostly gets real estate taxes. Iām not sure if this has been a problem for them or how they handle it. Others may know.
Florida makes up for state income tax with sales tax given the tourism industry that surrounds the state.
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I know that my real estate taxes in Florida are huge. Pretty close to my NC income tax. But they do get a lot of tourism dollars too.
Obviously, it depends on where weāre talking about, but Floridaās tax structure has definitely resulted in similar property valuation issues in Dade county where I grew up. And yeah, property taxes are massive.
My parents lived in the same house for 40 years until 2013 and had a homestead exemption, but their property taxes still grew exponentially with the property values in their neighborhood. Foreign investors, and no doubt the tourism industry with the rise of Airbnb, also play a huge role in driving real estate values in that region. Certainly, local incomes donāt track with the housing costs, so Florida is probably making out pretty well by taxing property rather than income.
There is some sort of homestead exemption tax relief for property taxes here in Raleigh. I think it may be age and income based, so itās not exactly the same as Floridaās. Still, it can only mitigate so much if your property value doubles in one revaluation cycle like some properties in my neighborhood have.
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Is there a boring property tax policy thread we could put these in? Asking for a friendā¦
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Your friend is strange and should be booted from the forum for asking such logical questions. Defriend him.
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Thereās absolutely nothing boring about property tax policy.
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ā¦says the attorneyā¦
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And yours are particularly high because you arenāt a resident of Florida, and you arenāt protected by the Homestead laws and exemption.
https://mlbraleigh.com/#stadiums
I love this idea for a potential stadium here, just look at the size of the stadium and imagine.
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This has been talked about a lot on the stadiums thread, but 1. Some of that space earmarked for mixed-use development currently is home to two churches, one serving an African American congregation, and one serving a Latinx congregation. So unless theyāre interested in selling up to make way, for a sports stadium, this canāt happen as drawn, 2. Part of the proposed construction is in a floodplain, which is also not feasible, 3. MLB currently has no plans to expand, and 4. This would cost over $1 billion to build, and there is no private sector (or public sector) entity interested in such a project.
It does look pretty on the website, but there are so many insuperable hurdles to actually doing something like this in real life. The good news, though, is that thereās going to be a ton of other really cool development on this land in the near future, which is pretty exciting.
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I do too ! Just guessing on this , I bet Raleigh is the largest city in our nation without professional baseball .
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Based on the website I attached it is
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Thatās understandable, I didnāt know that.
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