wrote in message
oups.com...
NOYB wrote:

The tax collector sees very little additional income from the rapid
appreciation. "Save Our Homes" ensures that the rate can't go up more
than
3% per year.

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That's a local program, not a general economic situation. Does the 3%
limit millage, assessment, or total tax bill?

Assessment.

When the house sells,
does your program carry forward based on the taxes paid by the previous
owner (who purchased at a lower price) or does it extend to the new
owner who is usually replacing his previous residence with something
carrying an even higher price tag?

New owner pays the new assessed rate. It's *very* expensive to move from an
existing home because you lose the "Save Our Homes" protection.

There are a lot of folks who bought their homes on the water for $125k in
the 1960's. They're paying tax rates that are around $2-3k per year on
properties worth $1.5million. When they sell and downsize to a new condo
that they buy for $300k, their taxes *increase*. Of course, the $1.2
million that they netted from the move can pay for a whole lotta' years at
the new tax rate. ;-)