Property Taxes. Only 1 fair solution.

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Politicians know it, but, they don't appear to want you to. Millions of poor and retired Americans have been losing their homes due to market fluctuations pricing their property taxes out of their reach, over recent years. Property tax valuation has zoomed past the national inflation rate due to developer hyperinflation (as much as 1000% markup) and rural development expansion. This is important because retiree's income is cost of living adjusted in many cases.

When their property taxes inflate 50% or even 100% in some cases and their fixed income increases only 2 or 3%, the home they worked their whole lives for, to see them through old age, is foreclosed on for non-payment of property taxes. RealtyTrac, the leading online marketplace for foreclosure properties reported: "Overall U.S. foreclosure numbers climbed steadily over the course of the year [2005], with more new foreclosures reported in every quarter," said James J. Saccacio, chief executive officer of RealtyTrac. "This trend appears to be moving the real estate foreclosure market back to its historic levels."

There is one fair policy which state and local governments could install that would end this dumping of America's poor and retired onto the streets, but politicians are trying to keep it a secret. The policy is the essence of simplicity. The Fair Policy would simply state that property valuation for retired homeowners shall not increase in any given year more than the national inflation rate.

When that retired homeowner passes away, the property valuation may revert to market valuation in the year following the retiree's passing. The same policy could be installed for below poverty heads of households homeowners, where the valuation would keep pace with national inflation rate until the head of household puts the house up for sale, exceeds the 1.5 times the poverty income level, or passes away. It just makes sense for a compassionate America which sends billions of dollars to foreign peoples who lack shelter. So, why are our politicians hiding this obvious solution? Could it be that cutting taxes for wealthy donors is the limit of their interest in cutting taxes?

Call them, and tell them, the cat's out of the bag, and this fair policy must be installed in your state. One day, it could well be you being foreclosed upon.

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This page contains a single entry by David R. Remer published on March 8, 2006 7:29 AM.

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