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The property tax valuations for cheaper homes are a higher ratio of the homes value than for more expensive homes, a new study by University of Chicago Harris School of Public Policy Professor Christopher Berry finds. So reports Bankrate.
Berry said that owners of cheaper properties “are getting screwed.” He says
that less-wealthy homeowners are basically subsidizing the tax costs of wealthier owners.
The study is based on a comparison of sales prices to valuations for 26 million U.S. homes from 2007 to 2017.