Comments on: Thursday update (01/31): Real estate tax relief

By: Jesse Richardson

Jesse Richardson — Fri, 01 Feb 2008 10:50:42 +0000

Indeed, Don, the homestead exemption is a shell game. The local governments need to raise the revenue, so tax rates will merely increase. Highland County wants this bill because they have a lot of absentee landowners and they need a constitutional way to tax them at a higher rate. It’s a myopic policy.

By: vjp

vjp — Thu, 31 Jan 2008 20:48:10 +0000

Actually, Don, if you have been following this issue closely, you will note that the localities aren’t knocking down the doors trying to get it passed.

By: Don Tabor

Don Tabor — Thu, 31 Jan 2008 17:53:21 +0000

Vivian- Of course its only my opinion, but it is also the opinion of economists like Milton Friedman and Alan Greenspan, who have testified before Congress that all taxes on business are passed on to people.

As far as no immediate effect because it only allows localities to create the exemption, that’s why we use Dillon’s rule in Virginia. I have no doubt that the moment the cities are authorized to pull a fast one on the people, they will jump at the chance. Why should this time be different?

By: Links of Interest: 1/31/08 « Crooked Road Commentary

Links of Interest: 1/31/08 « Crooked Road Commentary — Thu, 31 Jan 2008 17:25:27 +0000

[...] – Vivian continues her awesome coverage of legislative issues in the General Assembly with today’s piece on Real Estate Tax Relief. [...]

By: vjp

vjp — Thu, 31 Jan 2008 15:58:15 +0000

Don – that’s your opinion, not a fact. The granting of the homestead exemption by the legislature has no immediate implication because the localities still have the option to implement it.

Brian – thanks. I had missed that one. I’ve added it.

By: Don Tabor

Don Tabor — Thu, 31 Jan 2008 15:19:32 +0000

In the end, we will all pay more taxes because of this. It is not tax reduction, it is tax concealment. See http://tidewaterliberty.wordpress.com/2008/01/27/the-homestead-trojan-horse/#more-11

It doesn’t really matter if you pay your tax directly in your mortgage payment or if you pay it in higher prices.

By: Brian Kirwin

Brian Kirwin — Thu, 31 Jan 2008 15:11:04 +0000

Vivian, watch SB 496 too. It looks like Northam resubmitted SB10 with some changes as that.