Tuesday, December 18, 2007

N.Y. Times Says End Property Tax

John Brady, Op-Ed. contributor to the Regional/N.Y. edition of the Times says, among other things:
The property tax is a concept whose better days are behind it. It concentrates on one asset while ignoring income. Two people in similar homes pay the same tax — even if one lives on Social Security and the neighbor makes a huge salary and has millions in stocks . . .

The most obvious drawback of the current property tax system is that since it ignores a person’s income, it causes undue hardship for retired people and those going through tough times. As baby boomers, many of whom have no defined-benefit pension plan, begin to retire in huge numbers, thousands in Connecticut will be forced out of their homes — and most likely out of the state since affordable housing isn’t easy to come by here . . .

The property tax is ready for retirement. Somewhere there has to be an imaginative public official who can come up with an answer to the problem. Whether it is a simplified municipal income tax or something else, we need a solution.
Any of this sounding familiar?

You may read the full piece here.