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I don't know why you think value doesn't exist until a transaction. Nonetheless, people are welcome to contest the price if it's wrong and they're welcome to se

I don't know why you think value doesn't exist until a transaction. Nonetheless, people are welcome to contest the price if it's wrong and they're welcome to sell the house and leave if they don't want to pay the tax. They're actually welcome to stay and have a lien on their house: if you're living there you aren't going to have it taken away for a property tax lien. (If they will where you are, they can fix that in the same bill that repeals property tax distortions.) > Buying or owning a house doesn’t make you a millionaire. I'm focusing on the millions of houses in California that have went up in value by huge amounts since the last market snapshot for the tax basis whose owners are millionaires.

pwg 6y ago
> if you're living there you aren't going to have it taken away for a property tax lien. I don't know if that is true for CA, but in some localities, you most certainly will, eventually, be evicted from your own property for a property tax lien. It will take quite some time for the court case to wind its way to completion, but eventually the Sheriff will show up one day with an eviction notice and forcibly remove you from the property.
zepto 6y ago
> I don't know why you think value doesn't exist until a transaction. Value is determined by what the market actually pays, not by someone’s model of what it would pay. That isn’t the value - that is an estimate of what someone would receive if and only if they sell at that moment. Contesting an estimate doesn’t change that. Whenever prices fall, do you propose paying cash to homeowners to reimburse them for all of the overpaid taxes? Forcing someone to take a loan on a volatile asset that they can’t sell without losing their home is a brutal policy. > I'm focusing on the millions of houses in California that have went up in value by huge amounts since the last market snapshot for the tax basis whose owners are millionaires. Ok - so you just don’t care how many other people get hurt or displaced as long as you get to take money from some millionaires?
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pwg 6y ago

> if you're living there you aren't going to have it taken away for a property tax lien. I don't know if that is true for CA, but in some localities, you most certainly will, eventually, be evicted from your own property for a property tax lien. It will take quite some time for the court case to wind its way to completion, but eventually the Sheriff will show up one day with an eviction notice and forcibly remove you from the property.

zepto 6y ago

> I don't know why you think value doesn't exist until a transaction. Value is determined by what the market actually pays, not by someone’s model of what it would pay. That isn’t the value - that is an estimate of what someone would receive if and only if they sell at that moment. Contesting an estimate doesn’t change that. Whenever prices fall, do you propose paying cash to homeowners to reimburse them for all of the overpaid taxes? Forcing someone to take a loan on a volatile asset that they can’t sell without losing their home is a brutal policy. > I'm focusing on the millions of houses in California that have went up in value by huge amounts since the last market snapshot for the tax basis whose owners are millionaires. Ok - so you just don’t care how many other people get hurt or displaced as long as you get to take money from some millionaires?

deleted 6y ago
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