The entire system of property taxation needs to be examined.
Currently, there are no standards for assessing property value. Instead, assessors use arbitrary factors, such as "curb appeal" and prices of other houses, to determine the value of a home. People who have lived in a home for years should not be forced to have increased property taxes simply because someone decided to spend half a million dollars on house in their neighborhood!
We can simply determine the taxable property value as the selling costs at the time of purchase. Then, we would only need to assess the value when new homes are built, when people take out a mortgage or when people inherit property. These assessments should be determined using a simple tool, like those available on real estate websites. This reform, in and by itself, will stabilize the real estate industry. No longer will people be fleeing neighborhoods due to high property taxes they cannot afford to pay. We support State based property tax rate cuts and changes in how taxable values are assessed.