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Started By
Message
Ad Valorem (property tax) elimination
Posted on 6/12/14 at 7:39 pm
Posted on 6/12/14 at 7:39 pm
What does the Money board say?
What brings this question up is Thad Cochran's campaign here in MS is bringing up the fact that Chris McDaniel sponsored a bill, SB2444, that would require the Department of Revenue to do a feasibility study on eliminating Ad Valerom tax.
My questions are; what would be the purpose of this? What sort of tax would replace it (because God knows that taxes are 1 of 2 things certain in life)? And, is this a libertarian or tea party ideal?
Let's keep this to just property tax, personal and real, and car tags. It's a bundle deal I believe, can't have one without the other.
Let me know if I need to take this to Poli board.
TIA
What brings this question up is Thad Cochran's campaign here in MS is bringing up the fact that Chris McDaniel sponsored a bill, SB2444, that would require the Department of Revenue to do a feasibility study on eliminating Ad Valerom tax.
My questions are; what would be the purpose of this? What sort of tax would replace it (because God knows that taxes are 1 of 2 things certain in life)? And, is this a libertarian or tea party ideal?
Let's keep this to just property tax, personal and real, and car tags. It's a bundle deal I believe, can't have one without the other.
Let me know if I need to take this to Poli board.
TIA
3
Posted on 6/12/14 at 9:26 pm to TaxmanMSU
Just raise sales taxes. But everyone will say it's just a tax on the lower class.
Posted on 6/12/14 at 10:10 pm to TaxmanMSU
There are two knocks against property taxes, in my opinion.
1) Appraised value is a very subjective area. It can be easily influenced, if not outright manipulated. In Texas, there is an entire industry dedicated to combating appraisals. In Louisiana, it is well known that the appraisal system in most parishes is an absolute joke. It's a hard sell to pay taxes based upon what an appraiser thinks your house is worth... when the only true "valuation" of a house is an actual sale.
2) In a market with rising property values, since all of that value growth is "paper", homeowners can become priced out of their own homes.
That having been said... property taxes are probably the most stable form of taxation out there. Sales taxes tend to be highly regressive. I would presume, then, a property tax cut would result in higher income taxes... which brings with it another set of problems.
1) Appraised value is a very subjective area. It can be easily influenced, if not outright manipulated. In Texas, there is an entire industry dedicated to combating appraisals. In Louisiana, it is well known that the appraisal system in most parishes is an absolute joke. It's a hard sell to pay taxes based upon what an appraiser thinks your house is worth... when the only true "valuation" of a house is an actual sale.
2) In a market with rising property values, since all of that value growth is "paper", homeowners can become priced out of their own homes.
That having been said... property taxes are probably the most stable form of taxation out there. Sales taxes tend to be highly regressive. I would presume, then, a property tax cut would result in higher income taxes... which brings with it another set of problems.
Posted on 6/12/14 at 11:17 pm to TaxmanMSU
Georgia is phasing out ad valorem tag tax.
It is being replaced with a one time sales tax.
Early murmors have been favorable.
(Revenues are up, people don't have to pay ad valorem annually, and there may be opportunities to finance the sales tax if money down is an issue).
But I don't know how flipping cars works under this system.
It is considered a short term win. But we will have to see the long term effects.
It is being replaced with a one time sales tax.
Early murmors have been favorable.
(Revenues are up, people don't have to pay ad valorem annually, and there may be opportunities to finance the sales tax if money down is an issue).
But I don't know how flipping cars works under this system.
It is considered a short term win. But we will have to see the long term effects.
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