Property taxes should be calculated at the time of closing on the property for the buyer and seller like regular retail. Possession of property shouldn’t be a life sentence of taxation. Eliminate lifelong property taxes and create a single tax policy in which a buyer and a seller pay upon purchase.
Public capital expenditures need a reform on funding. It shouldn’t be the burden of homeowners. (Continue to tax rentals, AirBnB, or for profit residential entities.)
Vacation properties should be on a sliding tax scale allowing a single vacation home a break while incrementally increasing with the number of additional vacation properties.
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Property taxes are a local issue that is handled by your local politicians your council members for your town for your county parish or burrow and your state. Property taxes are not a federal issue and they should not be because where you may see a need for one or don’t want one at all for your area that is fine if that’s how you and the people of your area want it to be for my area I have very very low property taxes we’re talking it’s $240 for 27 acres and a home so it’s very low taxes but those low yearly taxes I’m willing to pay because they pay for my fire department, and if I don’t have a fire department within a certain amount of miles of me it’s in my homeowners insurance goes up and it goes up more than my property tax. Property taxes are a local issue there is no federal property taxes now I will stand 100% against a federal property tax but there isn’t one to stand against currently and let’s not give them that idea.
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You are fortunate to live where you do. I am disabled and 30 percent of my income goes to property taxes and I have an average American home. I live in a small town. I will lose my home soon due to the outrageous taxes I’m paying. A better solution would be a one time tax at time of closing when you purchase a home and to seek alternate revenue streams for police, fire and schools.
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Property tax and housing solution:
Increase the homestead exemption for homeowners of their primary residence.
Simply reducing or eliminating property taxes just means a shift in the government taking the money from your left pocket instead of your right. Not helpful.
Another unintended consequence of reducing property taxes is that then (land)lords accumulate even more while the rest become perpetual serfs.
There is a residence in the U.S. for every 2.3 citizens. More than enough for everyone (well actually almost every other one). In LA, there are 100,000 vacant residences (and 60,000 homeless). Not saying every homeless person gets a free house, just pointing out the supply exists.
Investors (Blackrock, Vanguard, State Street, Berkshire Hathaway, Bill Gates, China, Zionists) currently buy over one third of all residences. Not good for building communities. Rents have tripled.
A better solution is to gradually shift property taxes from individual homeowners to investors. This eliminates most individual homeowner taxes and makes home purchase more affordable. Increase the homestead exemption $50k/yr for the next decade. Texas started in that direction with the homestead exemption just increased from $40k to 100k. Keep it going to $500k.
Result: some investors will raise rents while others progressively dump their residences on the market (lowering home prices), thus simultaneously increasing home ownership and shrinking the rental market.
The same model can be applied to commercial premises. There is also a looming crisis in commercial real estate that could also be solved by business owners owning their buildings (or co-op in the case of larger multi business structures) and their land, not land lord investors.
Aside, we could also rethink sending the Voldemort country (that which shall not be named) $275 million per day.