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spooky3

(38,653 posts)

29. When my old house didn't sell and I had to rent it out, the rent

Sun Sep 1, 2024, 03:34 PM

Sep 2024

Didn’t cover all the actual costs of owning the property. I had to pay the property tax regardless. So it isn’t technically correct that renters pay the property tax in every case.

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Got our wealth tax bills this week. [View all] frogstar0 Sep 2024 OP

Why is it a wealth tax? LuckyCharms Sep 2024 #1

Because you pay taxes on the value (including unrealized gain) of your property. Hassin Bin Sober Sep 2024 #5

But as stated by another poster below... LuckyCharms Sep 2024 #6

So it's a regressive wealth tax. Doesn't change the fact it's a wealth tax. It just makes it all that more common Hassin Bin Sober Sep 2024 #10

My school taxes are based on an assessed value of $3,200, and it's been that way since 1978 with no change. LuckyCharms Sep 2024 #11

That seems weird to me. There is an entire industry of law practice based on fighting increased assessed values. Hassin Bin Sober Sep 2024 #14

It's weird to me as well. LuckyCharms Sep 2024 #16

I have no clue how your state does it but NY State has an equalization rate for each town or city. frogstar0 Sep 2024 #17

Then for school taxes, what do you think they should be based on, rather than property? LuckyCharms Sep 2024 #18

Income. Voltaire2 Sep 2024 #31

Would that taxing process be administered by the school district? LuckyCharms Sep 2024 #33

It should be statewide and provide equitable Voltaire2 Sep 2024 #36

The only way that will happen is if we stop protecting jimfields33 Sep 2024 #44

How big? dpibel Sep 2024 #59

I meant Ukraine. Sorry about that. jimfields33 Sep 2024 #63

Here is some startling news for you!!!! dpibel Sep 2024 #64

The Horn of Africa is made up of a group of countries. jimfields33 Sep 2024 #65

More news!! dpibel Sep 2024 #67

We spend zero on Afghanistan. We got out in 2021. Voltaire2 Sep 2024 #71

That's very unusual. In many (most?) jurisdictions, properties spooky3 Sep 2024 #28

Sounds like California. Voltaire2 Sep 2024 #30

Not in California...Yet another plus about living in this glorious state! PeaceWave Sep 2024 #23

Wealth tax? I don't consider my property taxes a wealth tax. jimfields33 Sep 2024 #2

It is literally a tax on unrealized wealth. Voltaire2 Sep 2024 #32

Well. I believe it a tax to pay for schools, police, jimfields33 Sep 2024 #42

How does that make it not a wealth tax? Voltaire2 Sep 2024 #43

It just doesn't. There is nobody on earth who says it is. jimfields33 Sep 2024 #50

You should find out dpibel Sep 2024 #52

Why would I? It's one of vice President harris' platform initiative. jimfields33 Sep 2024 #53

Why would you? dpibel Sep 2024 #60

BTW dpibel Sep 2024 #61

I think you're saying wealth taxes are normal? The GQP shouldn't complain about taxes? lindysalsagal Sep 2024 #3

Yes, not new, not weird, not undoable frogstar0 Sep 2024 #73

Even renters pay for schools... getagrip_already Sep 2024 #4

ergo (in my humble opinion) ret5hd Sep 2024 #8

True... getagrip_already Sep 2024 #9

When my old house didn't sell and I had to rent it out, the rent spooky3 Sep 2024 #29

They can only pass through what the market allows. Voltaire2 Sep 2024 #34

I own a house, but I don't feel like I'm paying a wealth tax. patphil Sep 2024 #7

Any tax, regardless of what it is or what you call it, is used to "insure the community can function." PSPS Sep 2024 #12

Very true, but a wealth tax is based on net worth. patphil Sep 2024 #56

Oddly enough the tax code considers the increase Voltaire2 Sep 2024 #62

That's fine with me. PSPS Sep 2024 #70

But you do. frogstar0 Sep 2024 #19

You're talking about a piece of a person's net worth. patphil Sep 2024 #58

Right but.... frogstar0 Sep 2024 #74

It is irrelevant what it is used for. Voltaire2 Sep 2024 #35

Not Understanding That ProfessorGAC Sep 2024 #46

It's worse than that actually LetsGetSmartAboutIt Sep 2024 #13

Don't mortgagees pay 100% of property taxes House of Roberts Sep 2024 #15

You mean......wait for it..... frogstar0 Sep 2024 #20

Yep BrianTheEVGuy Sep 2024 #22

This isn't how it works in California. PeaceWave Sep 2024 #24

Michigan is similar DetroitLegalBeagle Sep 2024 #55

Dave the electrician and Maddy the plumber made bad real estate investments? Sparkly Sep 2024 #78

It's even worse than that. What Elon and friends are whining about spooky3 Sep 2024 #40

The mortgage escrow account pays the property taxes and insurance. haele Sep 2024 #25

We Split Our Payments ProfessorGAC Sep 2024 #47

Depends on your mortgage. And it is irrelevant. Voltaire2 Sep 2024 #37

What 'depends on your mortgage'? House of Roberts Sep 2024 #45

Right. So you put enough down that the bank didn't add an escrow requirement to the mortgage. Voltaire2 Sep 2024 #48

My ex paid a down payment on the initial purchase of the home House of Roberts Sep 2024 #68

Yes that sucks. Voltaire2 Sep 2024 #69

That's a very good point. Nt lostnfound Sep 2024 #38

No it is utterly irrelevant. Voltaire2 Sep 2024 #41

Well you see... BrianTheEVGuy Sep 2024 #21

In fairness, Elon musk paid 11 billion in taxes. jimfields33 Sep 2024 #72

That poor Elon! dpibel Sep 2024 #75

In Minnesota, renters get a property tax rebate check. mn9driver Sep 2024 #26

People who just bought a home have no real equity or wealth in their home. pwb Sep 2024 #27

The point is completely the opposite. Voltaire2 Sep 2024 #39

And also, yes the bank owns most of the wealth at first, but you get to pay the tax for the bank's share too. Voltaire2 Sep 2024 #49

Yes, it's a wealth tax, but ...... dumbcat Sep 2024 #51

Regressive wealth tax for sure... JT45242 Sep 2024 #54

This message was self-deleted by its author Wednesdays Sep 2024 #57

Got mine too maxrandb Sep 2024 #66

Congratulations!! Sparkly Sep 2024 #76

Wealth tax drives trumpsters crazy, even though it doesn't impact most of them. I'm beginning to think a tax on stock Silent Type Sep 2024 #77

I pay my fair share, No complaints, Social compact and all. OAITW r.2.0 Sep 2024 #79