3% yearly compounds to doubling the value in 24 years.
replySo even with the cap, it's more than likely the property tax costs a typical owner more than double what it did 30y ago.
Not a big deal if you bought at age 20 (unlikely) and still receive some work income. But if you are retired, it stings harder each year.
Again I can't speak for every principality across the board, but for the places I have lived, it seemed very fair. Regarding your concern, I might have been unclear, but when I said "limited property tax to 3% annual growth", I meant it can be lower, but doesn't exceed 3%. It adjusts with inflation unless inflation is over 3%, so no matter what, the owner is winning if it is their primary residence, with the caveats I previously mentioned.
replyInflation adjusted though it is like a 10% increase.
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