Comment by derf_
3 hours ago
> That sounds like shifting the property tax burden from homeowners to renters...
This is all obviously very specific to the locality where you live, but at least where I live, property values were recently reassessed to account for the large post-pandemic increases. Individual homeowners were generally stuck with these reassessments, while commercial properties, especially those managed by large property management groups, were organized and successfully petitioned to reduce those assessments in disproportionate numbers. So the balance of power was not equal to start with.
And, commercial activity tends see revenue follow inflation. And, a business offset expenses.
An individual, could go bankrupt just because the property tax follows its' property value which itself changes nothing with regards to that owner's income.