Property tax is one of my top concerns when looking for a place to live, many places it’s more than $1000 a month, how can anyone afford that?
-
-
Replying to @tkbrdly
It’s mostly more than $1K a month in the Bay Area. But lots of others states created robust exemptions and deferrals for low-income folks and seniors. It did not have to be a blanket thing for all kinds of real estate, including malls and golf clubs.
1 reply 0 retweets 26 likes -
Replying to @kimmaicutler
Consumption tax just makes more sense. Food and necessities exempt. Property value changes too much to be a fair source.
2 replies 0 retweets 2 likes -
Replying to @tkbrdly @kimmaicutler
Allow deferral of property tax payments until house is sold. City eventually captures their share of value out of appreciation; no one is forced out involuntarily
1 reply 0 retweets 8 likes -
Replying to @mrgriscom @kimmaicutler
And the family loses all the value that they had the foresight to capture. Sounds like no new wealth can be created. Many people scrapped money together to buy a home for their family for $100k 30 years ago, it’s now worth $1MM- tax would have jumped 100/m to 1000/m
4 replies 0 retweets 0 likes -
Replying to @tkbrdly @mrgriscom
In most parts of the country, that value rose to only $200K. That extra $800K is coming off of the backs of the future middle class, who then have to pay the 4-8K/Mo mortgages without saving new wealth. It’s just a transfer from the young to the old.
1 reply 0 retweets 18 likes -
Replying to @kimmaicutler @mrgriscom
If they can afford 4-8k a month, they aren’t middle class.
2 replies 0 retweets 0 likes -
Replying to @tkbrdly @mrgriscom
That is what mortgages cost in the Bay Area at min $1M. That is what pays for a house here. So your policy over time leads to no one middle class being able to live there LT if you allow too much wealth to be captured into land.
1 reply 0 retweets 6 likes -
Replying to @kimmaicutler @mrgriscom
They cost that much because 1) there isn’t enough housing (change zoning) and 2) tech salaries are driving up prices. If we tax income for anyone who makes more than $300k at 60% (or 90!) like we used to, home values would cap out.
4 replies 0 retweets 0 likes -
Replying to @tkbrdly @mrgriscom
The zoning and Prop 13 are interlinked. Because of P13, approving housing generally loses municipalities net tax revenue over the long term so cities try and make up for it by approving office space rather than housing, which generates net positive tax revenue.
2 replies 2 retweets 14 likes
Also in CA, we are above 50% in tax rates with federal at 37 (lowered from 39.6 last year) plus 13.3 in state. We also cut the main tax break to homeownership this year and prices still rose despite mortgages prob being $1-2K+ higher per Mo w/out the mortgage interest deduction.
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.