It's that time of year again. Property Tax time for Logan Real Estate.
While the assessed property value of one of my properties went down (as it accurately should have). The assessed value of my rental properties apparently went up. How this happened, I can't explain. In the past year my duplex has aged an additional year, I also get $50 a month less than I did a year ago. For income properties, like Logan duplexes, a big part of the property value is based on the rental income it produces. The other factor is determined by what comparable properties have sold for. Very few duplexes have sold in the last year in Logan. Why the Cache County assessor thinks its worth $27,000 more than it was last year, I just don't get it.
It might just be me, but I think that property taxes are the WORST type of taxes. Are they constitutional at all? The tax value varies based on the VALUE of the property.... If you make the effort to improve your property then you have to pay more taxes every single year for the rest of your life! I don't get it. There is no true "Ownership." Owning real estate only makes you a slave to the the local government. The more you "own" the more taxes you pay.
I understand taxes and the purposes of them. I understand public goods and the need to fund things through taxes, but Property Taxes just frustrate me.
When your income goes up, I get it that you can afford to pay more taxes. If you choose to spend your money then you pay more sales taxes... I get it. Purchasing goods is a choice. If your property goes up in value, or even if it doesn't go up in value but the tax assessor claims that it does, then you pay more taxes. There is no freedom. Only consequences. And does the person who is now obligated to pay the increased property taxes really have the means to fork out the additional $$$?
Am I alone in the unconstitutionalsm of Property Taxes? Or am I just bitter because the Cache County tax assessor claimed that my property values rose in value when they didn't.