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Property taxes are not wealth taxes in most locales. If it was then the tax on your house would only apply to the difference between your asset value and mortga
by jandrewrogers 5y ago
Property taxes are not wealth taxes in most locales. If it was then the tax on your house would only apply to the difference between your asset value and mortgage principal (liability). I can't think of any locale that lets you deduct your mortgage principal from your property tax bill.
Property taxes are a common type of use tax.
- triceratops 5y agoI understand what you're saying. But I don't understand why the tax needs to be based on value minus mortgage balance to be considered a wealth tax. You get use of the entire asset even if you still owe the bank money. And the tax goes up (or down) with the assessed value of the property.