The High Cost of "Equity"
King County Assessor John Wilson has confirmed that if this bill passes, real property will be taxed based on the "highest and best use" of that property. So if you own a modest rambler, but a six-plex could now be built there, thanks to this bill, the land will be assessed as if the six-plex already WAS there. And it will be taxed accordingly.
This will drive many people out of their homes who can't afford to pay the tax, but of course the deal will be sweetened by the fact that they'll be able to sell those homes at a much higher price. The only catch is that they won't be able to stay in the city because they're now priced out of the market, too.
You can contact your representatives or the sponsors of the bill to leave them your thoughts by visiting the legislative page link here:
https://app.leg.wa.gov/bil...
King County Assessor John Wilson has confirmed that if this bill passes, real property will be taxed based on the "highest and best use" of that property. So if you own a modest rambler, but a six-plex could now be built there, thanks to this bill, the land will be assessed as if the six-plex already WAS there. And it will be taxed accordingly.
This will drive many people out of their homes who can't afford to pay the tax, but of course the deal will be sweetened by the fact that they'll be able to sell those homes at a much higher price. The only catch is that they won't be able to stay in the city because they're now priced out of the market, too.
You can contact your representatives or the sponsors of the bill to leave them your thoughts by visiting the legislative page link here:
https://app.leg.wa.gov/bil...
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This is Washington. I live in Oregon and it is the same here. Property value is skyrocketing and so it rent. Taxes increase annually here. You often see "price increase" on property listings rather than decrease.
01:01 PM - Feb 21, 2022
In response Hope Always888 to her Publication
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