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In theory, local government should not receive a windfall from property value increases that are not directly tied to general inflation or improvaments made by the owner. In other words, increases that result from speculation should not factor in. Think about it. If a municipality increases taxes based on speculative increases, it should be prepared to reduce them on downturns. Better they change the per $1000 basis to reflect differences in value.
If, for example, the average value went up by 50%, what would the municipality spend this extra income on?
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Bob S. former owner of a 1984 silver 944
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