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What evidence is there to support the statement that “Population growth and rising home values should naturally lower property tax rates”
Seems to me that the Hoosier way to grow is to sprawl, with each new home costing the local authority more upfront and maintenance cost than the existing housing stock, in order to provide services, roads, and schools. The inefficiency of sprawling suburbia does not support the assumption made by the Indiana Chamber.
Likewise…what evidence is there that commercial real estate should trend upward at the same rate as residential?
In a world where shopping is increasingly online, why would a 1970s strip mall (or regional mall) go up in value when they can’t get storefronts leased because no one shops in stores anymore? Kmart, Sears, JCPenney, Macy’s are no longer building or leasing new stores…they’re closing. Amazon warehouses don’t quite make up the difference.
Likewise offices: the Indy market has something like a 20-25% vacancy rate in office buildings, and owners are mailing the keys back to lenders because the buildings aren’t worth what they paid for them a few years back. It seems almost no one wants office space.
Apartment dwellers are not paying their fair share. The number of apartments has skyrocketed. Their taxes have not. Apartments tend to arise in the urban areas causing great increases traffic congestion and government spending on schools, streets and police. Apartments are commercial, not homeowner, properties, they should be paying 3% or more.