How would the proposed taxes affect homeowners?

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.