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Article: Keep phasing out limited market value; This bad policy hurts those in not-so-hot markets.(NEWS)(Editorial)
- Article from:
- Star Tribune (Minneapolis, MN)
- Article date:
- November 28, 2007
CopyrightCOPYRIGHT 2007 Star Tribune Co. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Once enacted, bad tax policy is often hard to undo. Take limited market value, the property tax manipulation that more accurately could have been called the "squeaking wheel market value." This cap on year-to-year taxable value growth has the effect of allowing a homeowner in a hot real estate area to shove some of his or her fast-growing property tax burden onto homeowners in (often poorer) places that aren't so hot.
That questionable, often regressive policy was embraced by the Legislature twice, in 1973 and, after a repeal, in 1993. It had two lives because the people whose properties are on a fast escalator know how to make political noise. It may be no ...