By Christopher E. Baecker and Crystal Keen

Texas Governor Greg Abbott announced his reelection bid in November by saying he wants to abolish school property taxes. Naturally there have been objections, and we’d like to add our own feedback: it doesn’t go far enough.

He also proposed limiting appraisals to once every five years. That would ideally lead to a reduction of payrolls as well, realizing additional savings for taxpayers. Lowering the appraisal cap from 10% to 3% is another point in his plan.

Both of those, however, carry their own risks, as do most government fixes per se. The ideal solution is simply to lift the entire burden, across all taxing jurisdictions. There are countless reasons why.

For one, taxing property undercuts home ownership.

It gives the distinct impression that those who have paid off their mortgages don’t really own their homes since they still have a bill to pay. That is of little concern to policymakers when the expense is hidden in the rents they would then pay in an apartment.

It’s a vicious cycle when you factor in that politicians’ remedy for this, debt-financed “affordable” housing projects, is sometimes paid for with property taxes.

Taxing homes also fulfills on a local level something national politicians have been trying to do: tax unrealized capital gains. The value of your home may have risen, but that doesn’t automatically translate into dollars in your pocket.

Even when the house is sold, the value of the proceeds is not “real” in an economic sense thanks to inflation.

When investors look for a safe haven in times of dollar depreciation or volatility, only gold is a more........

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