I can't read the article because bloomberg says it has detected unusual activity...
If the person has been there 40 years, the person is very likely retired. Retired people might be on fixed income and so forth. 1% of 3 million is $30,000 per year. Compare this to other areas where property is cheaper and one might be paying $3,000 per year for property tax. I am all for paying fair taxes, but I think one should be able to continue living in ones home and not be forced out due to huge property tax increases. Not sure what the right balance is.
