Property taxes currently account for 90% of school funding and 70% of local revenue
American taxpayers could see relief from property taxes in the future as at least five states are currently considering eliminating property taxes altogether, which could force states and localities to turn to other sources to fund key public services.
An analysis by Realtor.com broke down the effort to eliminate property taxes in five states and noted that some of the proposals are more fully developed than others in terms of finding a replacement for lost tax revenue to avoid straining state and local government budgets.
Property taxes provide a key source of revenue for state and local governments, accounting for 90% of school funding, 70% of local revenue, and 25% of all aggregate state and local tax revenue, according to Billy Hamilton, deputy chancellor emeritus at Texas A&M University.
While they play a key role in state and local government finances, they can also pose a challenge to the affordability of homeownership – particularly Americans who live on a fixed income and can face large payments when the tax bill comes due.
I would say listen up Maryland but I know better.
The no property tax policy should be nationwide, otherwise these five states will get flooded with newcomers.