12 ms·

Gee, in the US, all property is debt as well. (Property tax.) So you don't really own your property--if you fail to pay, you will ultimately lose possession. h

• kkapelon 10y ago
  The problem with Greece was that the property tax was introduced out of the blue leaving a lot of home owners un-prepared. Let's say that in the US you buy a house, get a loan and your payment is $1000 a month. You make your calculations and think that you are ok for the next 10-20 years. You even have some slack and can afford a payment of $1200 You move into the house and the next day a new law passes and a new tax is introduced that will cost you extra $600 a month for the house you just bought. How would you feel? If the property tax in Greece was introduced in a gradual way complaints would be less.
• naveen99 10y ago
  There are tax exempt properties like farm land and of course property owned by non profits. Not sure why countries like india leave property tax on the table.
  • pradn 10y ago
    India does have property tax. https://en.wikipedia.org/wiki/Property_tax#India https://en.wikipedia.org/wiki/Property_tax#India
    • naveen99 10y ago
      It's nominal / negligible from what I hear. You can't look up appraisal values from county tax office like you can in most counties in usa.
    • naveen99 10y ago
      You are right that it exists. But collections are about 5x less than oecd countries. http://icepp.gsu.edu/files/2015/03/ispwp1321.pdf http://icepp.gsu.edu/files/2015/03/ispwp1321.pdf