why does government tax as an “asset” something that people need to live in that’s worth only that much if you sell it & leave yourself homeless? Isn’t homeownership more of a liability than an asset that earns you a cash flow? You make mortgage payments, pay for insurance, utilities, furnishings, appliances, maintenance & upkeep...yet you get taxed on the value of the property “if” you chose to sell it on the market?
Philosophically, it makes more sense to tax the furniture, washer & drier & lawn mower than to tax the home & property you’re paying off over 15 years or 30 years, doesn’t it? And what about those wealthy folks who own “property” such as Picasso paintings or antique furniture purchased at Sotheby’s auction, etc? People own some pieces of furniture or artwork worth far more money in value than middle class homes in most parts of the country....but do they pay “property tax” on an Queen Anne antiques worth $500,000 at auction...or Picasso paintings insured for $12 million dollars?
Property tax is a bad, unfair, regressive tax on the middle class which the Marxist press tries to sell as a ‘fair “ tax on wealthy property owners which helps the poor & pays for education. Better to tax all property “per acre” & apply state sales taxes to food & gasoline than let government appraise the value of our property & tax what in effect is a cost & liability as if it’s an asset.
It’s a game that works like this:
You get a deduction from the Feds on the interest on your mortgage that initially just covers the property taxes (which are “conveniently” rolled into the mortgage payment in many states). When you are older (and theoretically can afford it, that tapers off and disappears.
Mark to study later.
Sounds good.
The government needs to tax assets because it hires/employs many otherwise unemployable people to keep track of your assets. The employed unemployable people need to have money for food stamps and ball games.
You will be told by the powers that be that your property tax is to pay for maintenance of your street, Trash pickup, Water and sewer, and the spectacular public education that your children are getting in the public schools.
Well, what if you live on a state highway that is paid for with state taxes, hire a private trash hauler, have a private well and septic, and don't have kids. Essentially you are subsidizing those that take the town services that you do not. In this case you should pay no tax and those who use the services should pay for that service they are using.