As homeowners struggling within an inflated market, we find the current system of property taxation to be unfairly balanced. Every year, we bear the weight of heavy taxes levied on the market value, which often doesn't account for the actual usage and size of the property.

Let's take my personal situation as an example. I live in a modest home, but because of rising market values, I am required to pay a disproportionately high property tax. Meanwhile, larger homes, with more square footage, in the very same neighborhood witness similar or sometimes lesser tax, purely based on their historical acquisition costs.

Therefore, we propose a new approach to calculating property tax. Instead of basing tax on the market value, it should be calculated on the property’s actual square footage. This is beneficial for two reasons. It alleviates the financial burden of homeowners, particularly in areas with high living costs, and continues to provide necessary tax revenue to municipalities that relies heavily on property taxes.

For instance, we purchased our home for $265,000 that had a previous taxable assessed value (as per PVSC) of $144,500. Our property taxes increased from $1,878.50 to $3,445 solely because of the purchase price. Our home is under 1500 square feet. Our neighbor has a living square footage of 1,656 and a taxable assessed value of 165,900, which equates to property taxes of $2,156.70. Purchasing our home in the current market did not physically increase the value of the home, nor did it generate a burden on our municipality to require the increase in collectable property taxes. Since municipalities set their tax rates for the coming year based on budgets, the current system for calculating property taxes is unjust and further contributes to the vicious cycle of inflation and increased living costs.

Changing the way property taxes are calculated will provide a fairer tax system, reduce the strain on homeowners, and enable municipalities to continue vital services funded by these taxes. Sign this petition to advocate a property tax reform based on square footage, making it fair for everyone.