4 ms·
This is the thing, why does one person need multiple houses when other folks can't afford one house. As someone that hasn't bought their first home, I'd be happ
by gardnr 9y ago
This is the thing, why does one person need multiple houses when other folks can't afford one house. As someone that hasn't bought their first home, I'd be happy to see a tax on non-primary residences.
- freedomben 9y agoThis is how we get such a complex tax code that is abused by special interests. It's so easy to say, "go tax that person over there. He can afford it"
- sitkack 9y agoIt could be a tax, meaning it is still possible it just costs more. Or could be made outright illegal.
- matwood 9y agoIn the US this is already pretty common and often known as the homestead exemption. A primary residence gets a much reduced tax rate.
- njarboe 9y agoIn California you get $7,000 off the assessed value of your home with the homestead exemption. So ~$70 off your yearly taxes. Must have been much more important value when this was passed into law but almost nothing now on the usual $10,000/yr prop tax bill.
- seanmcdirmid 9y agoI think parentnis referring to the federal income tax deduction on interest, which most definitely is significant if you are able to itemize.
- matwood 9y agoWhere I live it’s a straight property tax reduction. In my current house I pay 1500/year in property taxes. If it was not my primary residence the property tax would be between 6k-8k. Instead of changing the assessed value, it lowers the percentage of tax paid on the value.
- xupybd 9y agoYou can add value by being a good landlord. Some people want to rent. If you provide a service great. But housing is funny as it's seen as such a safe investment and seems to be inflating too quickly.