In this case it is assessed by property value, so wealthy homes are taxed even more. Some approaching or exceeding what would be a rent payment to an average earner every month, just in taxes. So even if you inherited a nice home in a nice neighborhood, you might have to give it up if you couldn’t afford the taxes. Still not terrible, you could sell it. But it is their way of keeping the “less desirables” out of the nice neighborhoods.
Wonder how much the wealthy folks in your area are being taxed, comparatively
In this case it is assessed by property value, so wealthy homes are taxed even more. Some approaching or exceeding what would be a rent payment to an average earner every month, just in taxes. So even if you inherited a nice home in a nice neighborhood, you might have to give it up if you couldn’t afford the taxes. Still not terrible, you could sell it. But it is their way of keeping the “less desirables” out of the nice neighborhoods.