Depends on the state. For instance, NY is below. Those taxes are a percentage based on the value of your home. It's real estate taxes. No one considers this "i

Depends on the state. For instance, NY is below. Those taxes are a percentage based on the value of your home. It's real estate taxes. No one considers this "income" and is not taxed as such. If you want a wealth tax, you can do something like this. But let's not play games and say I "made" 100k because my house appreciated 100k and I'm somehow skirting taxes by not paying taxes on that 100k. It's incredibly dishonest to say people with unrealized capital gains "made income" and they're getting preferential tax treatment on that "income" > Reassessment and its effect in property taxes > Conducting a reassessment does not mean that your assessment or your taxes will automatically increase. Your taxes may increase, decrease or stay the same. > Over time, market value of properties change. The value of some properties may increase, while the value of some properties may decrease. Frequent reassessments ensure that your property is assessed based on current market values, rather than on market values from 20 years, like the example. > If your assessment increase, it doesn't mean that your taxes will automatically increase. If the increase in your assessment is less than the average increase, your taxes will actually decrease. For example: > If, your assessment increased by 12% and the average assessment increase was 15%, then your taxes will decrease (assuming your school and municipal budgets remain stable and the tax levies do not increase) https://www.tax.ny.gov/pit/property/learn/reassess.htm https://www.tax.ny.gov/pit/property/learn/reassess.htm