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For point (4), people who live out of state still have to pay property taxes on the property they own in another state.
by superfunny 5y ago
For point (4), people who live out of state still have to pay property taxes on the property they own in another state.
- cletus 5y agoThat's true. Typically that property tax rate is higher for out-of-state residents too. I'm suggesting going further than that: owning property in that place makes you a tax resident. That means all your income is subject to state and city taxes. You'd still get credit for taxes paid in other states (as you do now for the most part) so you don't get double-taxed. But let's stop giving tax breaks to people who reside in Monaco for tax (ie no tax) purposes and park their money in real estate in London, SF, Vancouver, NYC and Hong Kong.