What home steading a home was supposed to be for. I remember in Texas you could homestead up to 10 arces and not have to pay taxes on that. I totally agree. At the very least taxes shouldn’t go up just because the value did. Only time your taxes should go up unless you sell the home, then tax you that amount.
This is similar to the property tax structure in California.
You get a property tax rate on the purchase price, then it only goes up 2% a year or inflation (whichever is lower).
It makes it pretty impossible to be taxed out of your house. It has downsides though because it applies to commercial real estate and landlord properties as well.
What home steading a home was supposed to be for. I remember in Texas you could homestead up to 10 arces and not have to pay taxes on that. I totally agree. At the very least taxes shouldn’t go up just because the value did. Only time your taxes should go up unless you sell the home, then tax you that amount.
This is similar to the property tax structure in California.
You get a property tax rate on the purchase price, then it only goes up 2% a year or inflation (whichever is lower).
It makes it pretty impossible to be taxed out of your house. It has downsides though because it applies to commercial real estate and landlord properties as well.