Public restrictions on ownership of real estate are restrictions enforced by the government. Some examples of this are taxes, eminent domain, police power, and escheat. Personally, I think the most important public restriction to real estate owners is taxation, because every homeowner is affected by it. The amount of property tax an owner pays varies widely from place to place. For instance, my parents live in Dallas. The city property tax for Dallas residents is at least one percentage point higher than a suburb, Richardson, that is only two miles from my parent's house. Not to mention, they also pay a county tax and a school district tax. Property taxes should definitely be considered when deciding the location on your new home!
In this article, an amendment to property taxes in Tallahassee, Florida is soon to be voted on. If approved, property taxes would be lowered for targeted groups, such as first time homeowners and disabled veterans. I like the idea of instead of rallying for lower property taxes across the board, we can begin with lowering taxes for targeted groups. It makes sense that the government would lower property taxes for first time homeowners as an incentive to buy houses! The housing market is very low right now, and I agree with anything that will help stimulate the market.
http://www.newschief.com/article/20120917/NEWS/209175001
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