This guide covers eliminating property taxes, such as how it works for a small town in Texas. Property taxes are how most communities pay for their schools, city services, police, fire, and other expenses. Lately, high property taxes have been a concern for many homeowners.
Many cities with budget deficits raise property taxes to cover their financial shortfalls. States with high property taxes are forcing taxpayers to leave for other low-taxed states. High property taxes devalue home values.
For example, in DuPage County, Illinois, home values dropped 24% since the 2008 Great Recession, property taxes went up 7%, and the nation experienced a housing boom. High property taxes make homeownership unaffordable to retirees and homeowners with fixed incomes. In this article, we will discuss how eliminating property taxes proves it works for a town in Texas. In the following sections of this guide, we will discuss how eliminating property taxes works for a Texas town.
Profitable Versus Nearly Bankrupt Communities
Eliminating Property Taxes Proves It Works For a Small Texas Town
Great Leadership By The Mayor and City Council
Little Regulations And Little Taxes Make The Profitable Communities
Businesses and taxpayers move to communities with low property taxes, low sales and income taxes, and low cost of living. Cities, Counties, and State governments thrive and rake in billions by increasing their tax base. Attracting new businesses and taxpayers is not rocket science. What would you do to relocate to a new community or state?Low taxes, low property taxes, low-income state taxes, affordable housing, thriving community, ample jobs, and low cost of living. This is why communities like Von Stormy, Texas, are thriving, and cities like Chicago are on the verge of bankruptcy.
Chicago has the highest taxes in the nation. High taxes, tons of regulations, and high fees and costs on city government services make taxpayers leave a community. Chicago and Illinois are experiencing a mass exodus of businesses and taxpayers due to increasing taxes and new taxes. Recently, Midland Metal Products moved its facilities from Chicago to neighboring Hammond, Indiana. The move was due to Chicago’s increasing taxes and ridiculous regulations.
High Taxes Means Loss of Jobs and Deteriorates Economic Growth
The Chicagoland area lost 150 jobs, while Hammond, Indiana, gained 150 jobs. Midland Metal Products has been based in Chicago since its creation 98 years ago. More and more taxpayers are leaving high-taxed communities. Politicians need to think outside the box like Von Ormy, Texas officials. Do not try to reinvent the wheel. Eliminating property taxes work. Consult with city leaders of communities like Von Ormy, Texas, and learn what they do. If your state is in financial chaos, check with leaders of profitable states like Florida, Tennessee, Kentucky, and others, where they are raking in billions and attracting countless businesses and taxpayers. This is a developing story on Gustan Cho Associates Mortgage News. We will keep our viewers updated on developments.
