Each year the entire appraised value of our house is used to determine our tax liability. In reality, we are paying tax on the same value, plus value increase, each yr. How would you like to get a bill for the tax you paid on your last computer every year, to be paid over and over? Not cool, you say? I would agree. I purpose that only the increase of the appraised value of our homes be used to determine the amount of taxes we pay. So, if you have a house worth $100,000 in 2007 and its value increases to $110,000 by 2008, the $10,000 increase would be the amount used to calculate our tax burden.
One more note, Free of charge - We have all gotten or will be getting our tax stimulus rebate. I hope we all understand that it is not a rebate we are getting, but a REFUND.
Happy Taxation Season!