My constituents were getting kicked out of their houses due to rising tax bills - this was the first and second thing I heard on every door knocked. This bill would have zero’d out property taxes on the middle class through an innovative taxation mechanism.
Provides a progressive-bracketed tax of 0.25% on every $1 million of value on second homes for the first $6 million. Then a max of 4% tax on any market value above $10 million.
Use all proceeds of tax money to refund homeowner’s state share of property tax for homes valued at 150% and less of median market value.
