Question

(15points) if property values increase, how are communities and individuals affected? Select all that apply.

1. community property tax revenues decrease.

2. community property tax revenues increase.

3. individual property taxes decrease.

4. individual property taxes increase.

5. Property taxes and property tax revenues remain the same.

Answer 1

2. and 4. would be the correct answers. In my opinion, where I live when the property values increase, the community pays more taxes.

Answer 2

The correct answer is 2) community property tax revenues increase and 4) individual property taxes increase.

If property values increase, communities and individuals are affected in the following ways: community property tax revenues increase and individual property taxes increase.

When property values increase, people have to be conscious that it comes with some changes in the way they pay taxes too. As the value of the property increases, the government charges higher taxes. So people have to know that owning a property implies the constant paying of taxes that are going to increase if the value rises. The more expensive the property, the higher the taxes.