4 ms·
Do you not consider property tax a wealth tax?
by germinalphrase 5y ago
Do you not consider property tax a wealth tax?
- jandrewrogers 5y agoProperty tax is more of a use tax e.g. a tax on imputed rent, not a wealth tax. If it was a wealth tax, you would be able to deduct your liabilities i.e. the mortgage.
- andrew_ 5y agoI don't. Property that is held (which can be held in a variety of ways by a plethora of entities) is targeted separately, just as income is, just as capital gains are, which property can also generate.
- sologoub 5y agoReal property (houses, land, etc) derive much of their value from the surrounding context - roads, population, jobs, etc. these are paid for collectively, so a property tax to me is more like HOA dues to the city/county that help make it livable. However, if the property tax is higher than those infra needs, then a portion of it is totally a wealth tax. Just haven’t seen that in CA.