Property Taxes Should Be Progressive

Here in San Diego, housing long ago crossed into the “insanely expensive” category. As much as it’s not good for many, it seems as though we could do more to provide a public benefit from all of that.

In a brief search of how property taxes are calculated, it doesn’t seem as though they are ever progressively taxed. No matter the assessed value of a property, the rate is always the same percentage. The person living in the $600k apartment at the bottom of the building is paying the same 8% (or whatever it is) as the $10.2 million penthouse at the top of the building.

Because of this, I’m sure as a city, and a society in general, we’re leaving a ton of money on the table that could go to fund better schools, education, transit lines, parks, or other things to reduce housing costs (like my super-controversial plan to publicly subsidize parking garages!).