I hear China doesn’t do property taxes. Once you own your house, you’re done paying. But there’s utility’s utilities you gotta pay that
I think you don’t own it so much as you lease it for like 80 years, maybe 100. I don’t remember specifics, though.
That is because in China, the federal government takes care of paying local social services, like schools, emergency services, parks, and libraries. In the US, these costs are funded, in part or in full by properties taxes.
Did Blackstone partners write this post?
why? does not compute
It reads like an anti-tax weirdo’s poor understanding of how things work, and a big entity that owns property would love to spend less money on property taxes that might actually benefit the community.
Oh no, I could afford to be a landholder AND escape a mortgage on it, and owe a pittance to fund services the property takes advantage of? Fuck off with this libertarian bullshit.
I’m not opposed to people paying their taxes, they definitely should, but I do think it’s kind of a dick move to take the whole house if they don’t pay the taxes. At least, for a relatively modest home owned by its primary resident who has no other home. For landlords and property speculators, though, 100% keep the property tax and use it to keep them from taking too much housing. Same for second homes, if you can afford two, you can afford taxes on one. I just don’t think we should ever tax someone into literal homelessness.
I agree with what you’re saying in the sense that someone shouldn’t be gentrified out of their home.
An elderly person on a fixed, limited income shouldn’t see their property taxes skyrocket because their neighborhood property prices are inflated and then lose their home.
Open an escrow account and pump enough “house payments” into it to autopay taxes on the house for the rest of your life and then stop.
You don’t own your house unless you also own a supplemental asset where the interest and appreciation covers tax and maintenance burdens indefinitely.
Oh no my local schools and firehouses will be funded
Schools and firehouses were funded long before property taxes existed. Property tax on “normal” homes is rent.
Um, property taxes are a thing in non-American countries too.
Much lower in mine at least. Tens or hundreds per year, not thousands or tens of thousands
I honestly struggle with this. Don’t forget, property taxes always go up. Since ive been in my house they have increased about 1.5k in 10 years or 12%. I know I can’t live here forever just because of the exponential growth over 10 years and theres no way i can survive this another 10 or 20 years. I also wonder who can even afford this at these prices? I know a lot of states do it differently, but my state is the highest property tax rate in the country. I see some states that are like 1k for the year and my mouth drops as i pay almost 150% more.
12% over 10 years isn’t exponential growth.
It’s impossible to say for sure from what they said. Depends on how it accumulated and how the housing prices have evolved in their area. Could be linear, could be exponential.
Fuck you with a paid off home. Boomer.
Wow, an actual unfair criticism of a boomer.
Rare comment.
