4 ms·
> because of a housing boom it is now worth $350k, you don't pay taxes on that $100,000 you "made" Actually, in most states in the USA, you do. When your home
by rawgabbit 5y ago
> because of a housing boom it is now worth $350k, you don't pay taxes on that $100,000 you "made"
Actually, in most states in the USA, you do. When your home's value increases, your property tax in nominal dollars increase.
https://www.marketwatch.com/story/homeowners-are-facing-the-biggest-property-tax-hikes-in-4-years-heres-where-homeowners-pay-the-most-11617899650 https://www.marketwatch.com/story/homeowners-are-facing-the-...
- rawgabbit 5y agoHere is a better explanation from https://www.investopedia.com/articles/pf/07/property_tax_tips.asp https://www.investopedia.com/articles/pf/07/property_tax_tip... > In order to come up with your tax bill, your tax office multiplies the tax rate by the assessed value. So, if your property is assessed at $300,000 and your local government sets your tax rate at 2.5%, your annual tax bill will be $7,500.