The fuck is wrong with your country that property taxes are so bad?
Where I live they’re based on the size of the property and if it’s the owners primary residence, there’s no tax. You’d have to have a huge mansion for the amount to be significant anyway.
In US metros, they’re typically around 2% of the home value, with discount maybe 50% for owner’s primary residence. Depending on the locality, the home value may be reappraised every year only only after a sale. If you bought a $100k house, planning retirement on $1000 annual taxes, and the area gentrifies your house to $500k, the extra $4k/year in taxes can be a budget buster.
Yeah that’s fucked up. Billionaires don’t get taxed on their stock because it’s all unrealized gains and there’s no wealth tax, but then ordinary people can get priced out of their own homes by a… checks notes wealth tax?
The fuck is wrong with your country that property taxes are so bad?
Where I live they’re based on the size of the property and if it’s the owners primary residence, there’s no tax. You’d have to have a huge mansion for the amount to be significant anyway.
In US metros, they’re typically around 2% of the home value, with discount maybe 50% for owner’s primary residence. Depending on the locality, the home value may be reappraised every year only only after a sale. If you bought a $100k house, planning retirement on $1000 annual taxes, and the area gentrifies your house to $500k, the extra $4k/year in taxes can be a budget buster.
Yeah that’s fucked up. Billionaires don’t get taxed on their stock because it’s all unrealized gains and there’s no wealth tax, but then ordinary people can get priced out of their own homes by a… checks notes wealth tax?