Posted on 12/26/2019 6:53:46 AM PST by ChicagoConservative27
TRANSLATION: “I see you have some money there. Give it to me.”
Unreal.
The flip side that nobody talks about is how the tax vultures **contribute** to the blight of our cities.
Simply put, a lot of owners **won’t** paint or maintain their homes, out of fear they’ll be slapped with a property tax increase.
$400 worth of paint or a DIY deck can end up costing you an additional $4000 a year in taxes.
So they are sneakily paying taxes as if their house was really worth only $24,000.
Ok so far so good., but what is the tax rate on a house worth $24,000 that results in a $4,297 tax bill? That would be 18%.
18% property taxes is insane. That would mean you have to buy your house from the government every six years.
The truth is that the whole system is an absolute inscrutable mess.
And that's exactly how the corrupt politicians an bureaucracy in New York want it. The more clear the system the less opportunity for bribes and kickbacks.
In the meanwhile, their neighbors are still taxed on assessed value even if the actual value of their home values have also gone up. This leads to unequal taxation. A better solution is more frequent assessments to adjust all home values to the true market value.
Gentrification is a racist term. The POS has-been hack Eddie Murphy returned to SNL and made his tone-deaf contribution to this right after that bitch from NJ rationalized the killings of Jews. Naturally the moron snowflake audience laughed and cheered. Thanks ChicagoConservative27.
So are federal inheritance and gift taxes, the Left loves Arbitrary government.
A better solution is what California did years ago in Proposition 13. One of the reasons people buy rather than rent is to fix their housing costs at an affordable level for the long haul. But if taxes go through the roof, people get taxed out of their homes. This often happens to retirees; if you doubt this, you need to talk to folks whose property taxes were $600 a year when they bought the place -- which they could afford -- but are now $8,000 a year, and they're 85, on Social Security, and about to lose their homes because greedy pols want every penny they can squeeze out of the peasants.
Prop 13 said that property taxes were fixed along with everything else when you bought the house. Build in an inflation adjustment, which is fair, and that's a good system. This is great for long term residents, who are ordinarily the kind of people a community wants to nurture. The property tax resets to a market rate basis whenever the property tax is sold.
Yes, the old geezer next door who has been there 40 years will be paying a lot less than the Millennial who bought last year at inflated values. But both of them made a free decision, and the Millennial will reap the benefits of tax stability if he stays. It evens out.
Nope.
You forgot to add race to the formula.
SKYLINE TAX
Pass the Skyline Tax on any building over 2 stories.
It is about time high rise owners pay for clogging sewers & jamming highways, ruining skylines, and polluting the city.
Look at those big fat trash dumpsters high rises use, while simple homeowners get a small can.
High rises causes the city problems but pay almost no property taxes. Skyline Tax all high rises over 2 high.
Think of all the things we can fund with the tax.
We want our poor and impoverished neighborhoods to remain poor and impoverished and under our thumb
“talk to folks whose property taxes were $600 a year when they bought the place — which they could afford — but are now $8,000 a year, and they’re 85, on Social Security, and about to lose their homes because greedy pols want every penny they can squeeze out of the peasants.”
The county I live in took care of that some years ago.
If you are retired/disabled, have lived in your home xx years, have limited income, live alone and own your home the county forgives most of your property taxes.
My mom pays just over $100 in taxes on the home she and my stepfather worked their butts off to pay for. A 3 bedroom, 2 bath with a basement on 1 1/4 acre.
If she had to pay the full assessed taxes she would have to sell. Now she gets to stay in her home. Still watching her pennies but in her home.
A $600K new home should be assessed at $600K. A $450K older home with $150K in upgrades should be assessed at $600K. A $450K older home left as-is should be assessed at $450K. What’s hard about that?
Careful, though; some towns will recapture the difference at closing if she decides to sell, or from her estate
“Careful, though; some towns will recapture the difference at closing if she decides to sell, or from her estate”
Since I’m to administer her estate we both checked it out.
If she or her estate sell taxes will be due on the assessed value for that year only, prorated to the date of sale. No back taxes are charged.
I wanted to make sure there were no ugly surprises. : )
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