Comment on ‘My Property Tax Went From $15K to a Life-Altering $91K a Year’
LovableSidekick@lemmy.world 3 days agoUhhh… whe your house goes up in value, that’s how much somebody might pay to buy it IF YOU SOLD IT. Until then you don’t get the money, and you’re not rich. Srsly what grade are you in?
Now it’s true that you can borrow against your home value - this is known as a home equity loan or a line of credit.
That is literally how every billionaire funds their lifestyle, just borrowing against stocks instead of home equity. If people with $4 million homes are not rich, then neither are most billionaires.
It’s also NOT literally how a typical homeowner lives their life. Those are the people I’m talking about, who are being taxed on money they don’t have.
michaelmrose@lemmy.world 1 day ago
They are paying money based on wealth they can obtain at any time directly by selling. So if you pay $50k and end with a 4M home you can sell it and live on the millions of dollars.
LovableSidekick@lemmy.world 13 hours ago
What if the real estate market cools off and they never get their millions of dollars - do you think they should get a refund for all the years they paid the higher tax on the expectation of getting rich which never happened?