I agree, we should replace property taxes with very large income and wealth taxes. First we can end property taxes and then we can implement guaranteed income so people who become disabled can afford to maintain their homes.
Comment on ‘My Property Tax Went From $15K to a Life-Altering $91K a Year’
Photuris@lemmy.ml 21 hours ago[deleted]
roofuskit@lemmy.world 19 hours ago
HeyThisIsntTheYMCA@lemmy.world 6 hours ago
Property tax is a wealth tax
NotMyOldRedditName@lemmy.world 18 hours ago
The thing about yearly property taxes is they often go to the city/municipality and that’s how they pay for things.
The city doesn’t charge income tax, that’s a state/province/fed level type thing.
We’d need a new way for cities to collect taxes themselves, or a new system to properly and fairly distribute taxes from the incomes to where they live based.
Definitely doable, but it’s a bit different than just raising taxes.
ExtantHuman@lemm.ee 35 minutes ago
My city charges income tax. As does the locality I actually live in. Plus property tax. Plus a School in me tax on top of it…
partial_accumen@lemmy.world 17 hours ago
Some municipalities may also have an income tax (completely separate from state or federal income taxes). Other states have much larger sales taxes.
chunkystyles@sopuli.xyz 11 hours ago
I pay a 1% income tax to my local government.
NotMyOldRedditName@lemmy.world 9 hours ago
Interesting, I’ve never personally seen that.
partial_accumen@lemmy.world 17 hours ago
If you’re old and no longer have much of an income, you still have your home. If you become disabled,
We already have this is many states in the USA. Its called the “Homestead Exemption”. Here’s an example from Ohio:
“This is a statewide program, administered by County Auditors under rules established by the Ohio Legislature and the Ohio Department of Taxation. This allows senior citizens (65 or older) as well as permanently and totally disabled homeowners to reduce their real estate taxes by the amount equal to the taxes that would otherwise be charged on $25,000 of the market value of an eligible taxpayer’s homestead or residence. The homestead may include up to one acre of land. Under the changes made by the Ohio Legislature and beginning with applications for tax year 2014, new participants in the program will be subject to an income test to be eligible.”
So matter how big your house is (as long as its on one acre of land or less and you have an income $$75k/year or below) you only get charged as though the house is worth $25k, which I think would obviously be a very low tax bill.
anton@lemmy.blahaj.zone 10 hours ago
They qualify under the local homestead law.
But because that limits year over year increases (which I consider reasonable) and is reassessed after mayor upgrades (which they did) they now have a huge jump in taxes.
socsa@piefed.social 17 hours ago
This is incorrect. In China nobody owns a home. They get a lease on it from the government. For wealthy urban Chinese this has meant they get lifetime ownership so far, but this is not guaranteed.
Also if you are not born with the correct hukou then you are not allowed to purchase any valuable property at all.
Photuris@lemmy.ml 11 hours ago
Ok, so, apparently, I don’t know what I’m talking about. I did watch one YouTube video though, and suddenly I felt like an expert on China.
AA5B@lemmy.world 11 hours ago
Even reading the summary - yes they had the Homestead Exemption to do exactlyy that. However they completely rebuilt their home to a much nicer one and thought they’d keep the Homestead Exemption. This worked correctly. In phase no sympathy for trying to cheat taxes
Photuris@lemmy.ml 11 hours ago
It would help if I’d actually read the article.
A full night’s sleep, and I’m rethinking my comment. I was hasty.