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Comment on Owing your home today is nearly impossible, but even if you did the ever increasing property taxes will bury you

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BeardedGingerWonder@feddit.uk ⁨1⁩ ⁨day⁩ ago

Which means he’s paying $12k in property taxes a year. That does sound quite substantial. Assuming that’s somewhat equivalent to rates in the UK, I pay around £1400.

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dan@upvote.au ⁨10⁩ ⁨hours⁩ ago
Do you have stamp duty in the UK? We have both rates (yearly) and stamp duty (once off during purchase) in Australia, and property taxes in the USA are roughly the same as rates and stamp duty combined into one.

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- BeardedGingerWonder@feddit.uk ⁨6⁩ ⁨hours⁩ ago
  Yes, we have stamp duty, usually a % of the house as a one off.
  
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michaelmrose@lemmy.world ⁨1⁩ ⁨day⁩ ago
Most places are around 1% of value with many having caps on increases in value or other differences in taxed and actual value. This means his house is worth 1,000,000 to 1,600,000

If he was really living on 24k he wouldn’t be able to pay 12,000 in property tax. He bought when it cost almost nothing and spent most of his life paying neither rent nor mortgage unlike most of us and has a reasonable retirement.

He could at any time sell and live better than you or I even if he didn’t have a dime other than the house. Instead he uses his time to whine about his good fortune.

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- BeardedGingerWonder@feddit.uk ⁨1⁩ ⁨day⁩ ago
  You are making a lot of assumptions there but setting that aside, I’m not sure I’m in favour of turfing a pensioner out of their home to pay tax because they lucked out. Surely it’d be better to settle up after they die. It’s not like he’s preventing a needy young family moving in - presumably anyone buying this house would need to be pretty wealthy!
  
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