As many of you are aware, it is December. What does this mean for property owners? Yaaayyyy more taxes! I was just thinking recently about taxes in the US. Income taxes, especially corporate, taxed goods, and of course - property taxes. While many taxes in the US seem "unfair" or too high, the one I disagree the strongest with is property taxes. For those of you who don't know, every year you have to pay taxes on properties you own. This isn't only land/house properties, but vehicles as well. Furthermore, people who don't own property may ask, why is property tax any different from buying a candy bar at the store and paying tax on it. There is one major difference that comes to mind. When you buy a candy bar, you pay a one time tax. When you buy a car or property, you pay a one time tax, as well as a yearly tax based on the value of said property. It is te equivalence of buying a candy bar from the 7th grade bully and then paying tax on it. Except it doesn't stop there, for everyday you don't eat that candy bar, the bully taxes you more. If you refuse to pay, he simply takes the candy bar back and resells it. So let's put this into a larger scale for the properties. You buy a $150k home and you pay a pretty decent chunk of change in taxes (variable dependent on state). Yearly, you run to the court house and pay additional taxes on the property. If you don't pay for three years (in my state at least) they evict you, take your property, and resell it to the highest bidder. Please note, that isn't three years in a row. If you skip two years due to hard times, you pay the third year and everything is fine. Your two year deficit remains so if you skip the following year, your property is seized. Which leads me to the debate. Is this right? Do you agree with paying additional yearly taxes on items that you were already taxed for once? You own the property, you've paid the initial tax already, how can it be okay for Uncle Sam to take it from you? It just doesn't seem fair to me. Annddd DEBATE!
Imo property taxes are one of the most ridiculous things a person can get raped for. I mean taxed for.
I'd rather not be paying taxes ($3600 cdn per yr). However, that money goes into garbage and recycle collection. Schools in the neighborhood. Road and alley upkeep etc.
I say property taxes should not be so dam high. Maybe 1-5% tops. Also it should be In a row . Not how they count it. Another thing is there really shouldn't be any property taxes . What's the difference in U.S. Buying land like Texas or other parts of the U.S. Over time and u don't see them paying Mexico or Russia or any other country taxes each year to keep this land. Yet if we pay hard cash to buy land from the U.S. , or cars, bikes whatever, now we have to pay taxes on something each year?.i think it's total bs
I say is wrong. Let's say you save 100k from your revenue. Those 100k are already taxed. If I keep those money in a drawer I never pay taxes again. Instead if I put those money back in circulation by buying a propety (the seller use those money to build another house or to build another car and to add value into economy) I'm taxed every year.
You have to pay tax on property ? Oh no wait so does almost everyone else .. so you want schools ? You like the police to be there ? Roads maintained ? The fire service ? Ambulances ? Would you prefer that was all just not there ? Does anyone like taxes ? No do we need them ? Yeah sadly we do for all those things we can't do for ourselves
If u do not understand where your property taxes go u should get informed. If u like municipal services u pay for them.
Property tax scam would have some relief if the banks would be required to pay taxes on the properties they own. Then the housing market wouldn't be propped up where it's unaffordable, due to banks having to sell houses at a fire sale at the end of the year.
I absolutely wouldn't mind it if that's what this money went for. But you see, I am in a rural area. Meaning my property taxes goes toward country projects. I.e county roads (every single county road in my area is cracked and shitty), police, and my favorite - television for the murders and rapists awaiting trial at the county jail. So you should probably shut up next time you wanna be sarcastic
Interesting comment. Anyone on the game that knows me, knows that I am between the ages of 18 and 24 and attend college. I am not an "old fart". Please forgive me for being a young contributing member of society rather than getting wasted every weekend and wearing swag hats.
Also u omitted how much property tax u pay. Ignorant of u saying everyone else is a party animal. Mine is $3400 canadian
If you know anything about tax returns you can write off some of your property taxes. Also you said your a college student. Another write off. So yeah you have to pay but you can get some of it reimbursed.
I think the single biggest difference between the uk council tax system mentioned and the USA property tax, is the way it supported and enforced. A council in the uk would very rarely seize a property, though a bank would for mortgage arrears. What councils do is give council tax relief ( they pay it basically ) if the homeowner is on certain benefits. Though they do not help with mortgages. Where I think the property tax is far too harsh is how it could be enforced and cause far more damage at a personal level than at a state level. Neither system is perfect. Far from it. But the property tax does seem unfairly harsh. But that's probably why the UK had so many riots when the council tax was implemented.