4 ms·

I'm all for a split property tax roll (personal/commercial). Prop 13 needs to stay as it is for non-commercial properties. If you don't see why, you will. Whe

by hwstar 11y ago

I'm all for a split property tax roll (personal/commercial). Prop 13 needs to stay as it is for non-commercial properties. If you don't see why, you will. When you are retired, you will come round to my side of the argument.

deleted 11y ago
[deleted]
prostoalex 11y ago
But you're approaching this in the context of current income tax rates. How would the equation change if there was no income tax, just the property tax, and you could plan your retirement around those numbers?
- hwstar 11y ago
  My situation would be probably worse under a property tax only regime. The problem with property tax is that is levied whether you have income or not, and not everyone is directly liable for it. Right now, I'm living off of post-tax savings and investments, so my income taxes are really low (as in almost zero). My property tax however is a significant fraction of the taxes I do pay as I have a main residence and an income property. The current tax code is set up in such a way that if you have no income from wages, and only non-wage income, you can pay no taxes on capital gains up to about $70K per year See http://www.gocurrycracker.com/never-pay-taxes-again/ http://www.gocurrycracker.com/never-pay-taxes-again/
  - JoeAltmaier 11y ago
    The problem you mention about property tax, is actually the original purpose behind property tax. So-called 'absentee landlords' were leaving land fallow for generations, impoverishing the nation. Property tax was instituted to make sure land was constantly in use, or the landlord lost it (and somebody more productive got it).
    - hwstar 11y ago
      So the pesky US constitution got in the way of a "fallow land tax"? It seems to me if land is being left fallow, then that's something which ought to be discouraged. If land is in service, then the property taxes should be nominal.

4 ms·

I'm all for a split property tax roll (personal/commercial). Prop 13 needs to stay as it is for non-commercial properties. If you don't see why, you will. Whe

by hwstar 11y ago

deleted 11y ago
[deleted]
prostoalex 11y ago
But you're approaching this in the context of current income tax rates. How would the equation change if there was no income tax, just the property tax, and you could plan your retirement around those numbers?
- hwstar 11y ago
  My situation would be probably worse under a property tax only regime. The problem with property tax is that is levied whether you have income or not, and not everyone is directly liable for it. Right now, I'm living off of post-tax savings and investments, so my income taxes are really low (as in almost zero). My property tax however is a significant fraction of the taxes I do pay as I have a main residence and an income property. The current tax code is set up in such a way that if you have no income from wages, and only non-wage income, you can pay no taxes on capital gains up to about $70K per year See http://www.gocurrycracker.com/never-pay-taxes-again/ http://www.gocurrycracker.com/never-pay-taxes-again/
  - JoeAltmaier 11y ago
    The problem you mention about property tax, is actually the original purpose behind property tax. So-called 'absentee landlords' were leaving land fallow for generations, impoverishing the nation. Property tax was instituted to make sure land was constantly in use, or the landlord lost it (and somebody more productive got it).
    - hwstar 11y ago
      So the pesky US constitution got in the way of a "fallow land tax"? It seems to me if land is being left fallow, then that's something which ought to be discouraged. If land is in service, then the property taxes should be nominal.