It also disproportionately impacts mid-tier earners. Ie, those who earn enough to own their home, but still have it make up a significant portion of their net worth.
Someone making 100k/year, and making 1M/year, both living in 400k houses (not uncommon in the Austin area), will be paying the dollar-amount in tax.
Ie, a high property tax and low income tax is very regressive.
Within the city currently I believe 400k is actually on the low end.
Originally I wrote 500k, but changed it to avoid "no one should be complaining if they life in a half a million dollar home, that can buy so much in Ohio!!" type comments.
I bought a house this year for $250k in 78744. Plenty others near that price range are available, but it is in a Mexican neighborhood with bad schools.
Someone making 100k/year, and making 1M/year, both living in 400k houses (not uncommon in the Austin area), will be paying the dollar-amount in tax.
Ie, a high property tax and low income tax is very regressive.