Posted on 04/01/2002 7:23:38 AM PST by tcostell
I would forbid any tax that could be enforced by confiscation or threat of imprisonment or loss of freedom. That would do away with taxes on real and personal property, income taxes, taxes disguised as "fees". A sales tax would be the only allowable type of tax and it would be capped at 10% for federal, state, and local COMBINED.
No one said that. We simply can not understand why someone would live in an area where they tax you nearly $20,000 a year on a $600,000 home when in 90% of the country, taxes would be 1/4 or less on a home of the same relative value. And I said relative value, because his home is probably not that nice as compared to a $600,000 home in most any other area of the country.
I agree with you that the taxing of owned property should not be allowed. Until we change that, we are stuck with it. Your REAL options are accept that you live in a socialist State or move to another State.
These people bought into the best neighborhood they could afford and it turned out to be a great investment. And because of it, they can either move, or have the local government confiscate their land. This could happen to anyone, and probably will if everyone else has your attitude.
I watch it happen to friends on an almost regular basis. They decide to buy a big fancy car or two, a home that is far larger than their needs, go on expensive vacations, buy expensive 'toys', and then when the bills get to be a little to much for them to handle they start bitching about it. They have to sell things to pay off debt and sometimes claim BK. I feel zero sympathy for them when the situation is of their own making. Not saying that is the case with tcostell. But he does seem to have bought a home that put him and his wife to close to the financial edge.
Another quick story. One of my wifes friends (who I really do not like and will enjoy seeing her crash and burn) is trying to sell her current home for $108,000. Has been on the market for 6 months, which here in RTP NC is an eternity. This being the case, she has decided to go ahead and purchase a home for $130,000 with 100% financing. The home appraised at $135,000. Now here is the kicker. She is also taking out a $50,000 loan to do some home improvements. So she is basically paying $180,000 for a $135,000 home! And the home improvements will have a minimal impact on the market value of the home. Espeically since not a single square foot will be added to its size. It is mostly going for upgrading the kitchen, painting, new carpets, etc... Why she just doesnt buy a $180,000 house that is bigger and has everything she wants is beyond me.
Oh, and when she does sell her current home she is going to break even at closing so there will be no equity for her to put toward paying down the new debt she is taking on. Her new home will be impossible to sell without taking a bath on the negative equity, or she will have to stay in it for many many years and hope that the market value increases a great deal or that she is there long enough to pay the liens down below market value. Plus she is the type of person that doesnt stay in one place for a long time. She is making very bad decisions and shooting herself in the foot. And I for one will not have any sympathy for her when she goes down in flames.
She was also recently bitching that her 4 door honda wasnt large enough to carry around cargo. She goes to a lot of garage sales and flea markets. She was talking about buying a station wagon to accomidate her needs. So what did she do? She ate a ton of negative equity and terminated her lease early on the Honda and went and bought a brand new Mustang Convertable! Ya, thats gonna solve her cargo problem. She is setting herself up for a big crash and I will enjoy seeing it happen.
I totally agree. I would bet 80%to 90% of Americans can not comprehend the concept that there is no self-ownership if you can be forced to pay the government part of your income upon the threat of imprisonment. And these days, we dont even have "taxation with representation".
What needs to be mentioned, is the fact that the community this guy lives in wants him to move. There are thousands more dying to drive up the Taconic Parkway and escape New York each year. I would also bet that the twin towers catastrophe has made a lot of city dwellers reach out to these areas. The guy has definately gotta cash out(or take the short term loss) and move away. Digging ditches in Mobile Alabama would be more financially rewarding than Working and living in New York.
Fast-forward to 2002. . .his mother just died, and he inherited the house. . .and the tax bill, not to mention the death tax. A house now worth $650,000, because the neighborhood is now a very posh one. ( for example, Ted Kennedy is a few blocks up the street. I stay away when there are puddles, in case Ted reverts to old habits . . . (g) )
Or my own example: I bought a nice, but nowhere-close-to-luxurious townhouse outside DC (in Virginia) in 1998 for about 109K. It was just assessed at 160K. . .a nearly 50% rise in value in 4 years. If this guy is in such an area, he probably bought a nice 200K home. . . 10 years ago.
Give the author a break and a little Christian charity, willya ????
A good friend of mine's father still lives in the house, he bought there in the forties and if it wasn't paid for, he couldn't afford to stay in it. As it is his taxes are 5 times what his house payment was.
I enjoyed my time in New York, now I can't see paying the price that is necessary now.
Very true. I pay around $2100 in Multnomah County, Oregon on a $240,000 house. One thing we have on the West Coast, though, is initiative and referenda, so we were able to pass limitations on how much our property taxes can increase. I don't know if they have that in New York.
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