People who own land should not have to continue pay for that land. If someone owns their house, but they can still be evicted by the government if they don’t pay, how is this meaningfully different from renting? People need the stability of owning their home, especially when they retire. Instead, charge a sales tax upon purchase, and a capital gains tax when the home is sold at appreciated value.
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Capital gain taxed isn’t right, how can you ask someone who stayed in his house for 20 years to pay capital gain if he has to move? How can he afford to buy a similar house after that? Are we forcing homeowners to sell every 5 years to avoid capital gain?
Just like inheritance tax, capital gain tax on primary home should be abolished.
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Joshua, you should change the title from property taxes to capital gain on real estate sales.
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It varies by the state, but people are taxed on a regular basis forever on their homes, usually quarterly, and there’s no end to it. I am suggesting doing away with that and only taxing people twice, instead of a recurring tax that never ends. Maybe there’s a better way to do it, but the point is, if someone’s house is paid off then they should no longer have to pay to continue living there, they should own it completely.
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Actually, personally I think property taxes are anti-constitutional, you should be able to own and pass on your house to your children free and clear, they already get Federal, State taxes and Sales taxes. Unfortunately this is decided on a State level and the only way to fight that I think is on a Constitutional stand point and take it to the supreme court.
I would love to see a law firm do that, because technically it just means you never own your home and therefore is baring you from pursuit of happiness and equality, people without jobs or low income cannot keep their house.