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Are Property Taxes A "Wealth Tax" On The (Mostly) Non-Wealthy?

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http://www.zerohedge.com/news/2016-05-18/are-property-taxes-wealth-tax-mostly-non-wealthy#comment-7573542

This comment caught my attention:

Quote

I live in New Jersey, and most of the towns here have sky high property taxes.  The housing is expensive and property taxes more so.  I have told this story of ZH before, but before I got divorced, I had a big house in a nice section of the town.  I built the house in 1992, and taxes started at $12,700.  By the time I sold in 2007, taxes were $37,000.  Down the street from that house is a bigger house built a few years earlier that cost the guy $3M to build.  He has been trying to sell for years now and is down to $1.9M - way under construction costs from 25 years ago.  On of the biggest reasons he can't sell? - His property taxes for over $1,000 per Week.  No one wants to buy it unless they see the market going up.  Add in his landscaping, insurance, utilities, maintenance and he has pretty high hurdle just to keep the thing going.  

Property taxes are the most insidious of all.

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Paying taxes for the benefit of living in your own home.

What is the government living there too?

I can't understand what the purpose of property taxes are.  You pay more money for an inflated value of your house, just so it'll market at a higher price in line with something somewhere else in the country. 

There is a several ways to see your house's value.

How the tax assessor sees your house, how the realtor sees your house, how you see your house, how ...

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I lived in Union City, New Jersey my house was about 100 years old and the property taxes were 12.000 a year in 2001. I know live in Central Florida way nicer house and neighborhood and I pay 750 a year in Tax.  

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Eminent domain says you never completely own property.  To pay taxes on something you never really own is a kick in the nuts as far as I'm concerned. 

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49 minutes ago, octopus prime said:

Eminent domain says you never completely own property.  To pay taxes on something you never really own is a kick in the nuts as far as I'm concerned. 

What service is property taxes serving?

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