In addition to the immediate loss of disposable income, higher taxes diminish home equity and the ability to sell, refinance, or take out home-equity loans. Housing values drop as sellers reduce asking prices, to compensate for higher taxes than those paid when selecting a comparable house elsewhere. At current bank rates, a 1-mill increase in taxes would cause an immediate 0.96% loss in home value (equity). That means a home with a market value of $150,000 will lose about $8,000 in value if all 5.6 mills of city, school, and county taxes proposed for 2016 pass (one already has). That’s $8,000 no longer available for retirement, college, or home improvement.