Taxes - Fed/State/Property/Sales
01-13-2025 | 12:09 PM
#81
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it’s not a non-answer. my 1.something rate will also get better over time, because we shift the burden to a younger person who wishes to buy. my answer is that two identical houses should have an identical tax burden.
01-13-2025 | 12:15 PM
#82
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so no credit to existing residents similar to homestead in other states? Can we then reduce the payroll tax with all that extra revenue?
01-13-2025 | 12:21 PM
#83
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but yeah, seems like you could change the total tax balance with such a change. either lower overall property tax or lower income tax or lower sales tax or any combination.
01-13-2025 | 12:28 PM
#84
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any credit to existing homeowners is just a subsidy from those with the misfortune to be born later. i don’t feel any younger people owe me that.
but yeah, seems like you could change the total tax balance with such a change. either lower overall property tax or lower income tax or lower sales tax or any combination.
but yeah, seems like you could change the total tax balance with such a change. either lower overall property tax or lower income tax or lower sales tax or any combination.
01-13-2025 | 12:33 PM
#85
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01-13-2025 | 01:00 PM
#86
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the existing homeowner only paid more because you’re drawing a line in a specific year. over the same number of years of ownership, a person with the misfortune of being born after the existing homeowner will always pay more (both nominally and as a proportion of their wealth from the home). there’s no debt that a younger person needs to pay to make an older homeowner whole.
01-13-2025 | 01:07 PM
#87
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The problem with getting rid of prop 13 or any homestead exemption in other states amid that regular people at one time bought homes for regular prices. Then the market went bonkers several times over the years and essentially priced out the homes for generally everyone but the wealthy. It does screw younger people, but it also screws the original owners of those homes in the sense that they can’t afford to move as they could no longer afford the tax on their same home if it were re-appraised at market value. Damned if you do, damned if you don’t. Particularly in CA where they will raise your taxes no matter what the policy is. Those smelt need to be protected somehow.
01-13-2025 | 01:21 PM
#88
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The problem with getting rid of prop 13 or any homestead exemption in other states amid that regular people at one time bought homes for regular prices. Then the market went bonkers several times over the years and essentially priced out the homes for generally everyone but the wealthy. It does screw younger people, but it also screws the original owners of those homes in the sense that they can’t afford to move as they could no longer afford the tax on their same home if it were re-appraised at market value. Damned if you do, damned if you don’t. Particularly in CA where they will raise your taxes no matter what the policy is. Those smelt need to be protected somehow.
I’m actually wanting my property value to come down a bit more.There’s been a slow 10-15% correction already which is good. Don’t want a tank or more appreciation.
01-13-2025 | 02:42 PM
#89
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It’s not fair to repo paid off property because taxes spike due to comps.
If most buy a house at the same % of their income then the taxes stay commiserate with their salary.
If young people can’t afford the tax then they don’t buy and that corrects the home value.
Assessing and taxing unrealized equity is sounds ridiculous and a cap gains tax at sale should be favored over taxing equity.
01-13-2025 | 02:49 PM
#90
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Identical means same sales price, in which case they would pay the same.
It’s not fair to repo paid off property because taxes spike due to comps.
If most buy a house at the same % of their income then the taxes stay commiserate with their salary.
That is the point of sales price equaling assessments. Anything else is just a guess.
It’s not fair to repo paid off property because taxes spike due to comps.
If most buy a house at the same % of their income then the taxes stay commiserate with their salary.
That is the point of sales price equaling assessments. Anything else is just a guess.
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