Replace the STATEWIDE Residential assessment rate with a REGIONAL rate to prevent Hi-growth areas from driving down the Residential assessment rate in LO-growth areas.
PROS
A. Prevents growth in residential values on ONE area of the state (metro) from forcing down the Residential Assessment Rate in OTHER areas where values aren’t growing as fast, thus slowing or stopping erosion of residential property tax base to fund local services.
CONS
A. Creates inequities in Residential Assessment Rates for properties which are adjacent/near established regional boundaries.
B. Could create complexities for taxing districts which span multiple regions.
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