My sister bought a starter home in suburban Ohio back in 2018 for $195,000.
Her property taxes were originally $2,400 a year.
Last week, her county completed its mandatory 6-year reappraisal and arbitrarily jacked her home’s paper valuation up by 42%.
Her new tax bill? $4,600 a year…. adding nearly $200 every single month to her escrow payment.
She hasn't remodeled the kitchen, added a pool, or upgraded a single square foot. She just painted the front porch and mowed the lawn.
When she called the county auditor to protest, they told her: "Your home’s market value increased based on recent neighborhood comps."
She looked at the representative and said:
"I’m not selling my house. I just live in it. Why am I paying a penalty tax on unrealized equity I can’t spend?"
Unrealized capital gains taxes aren't a futuristic policy proposal.
Local governments are already enforcing them every single year through property tax reassessments.