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not paying taxes on your property is different from not owning something and missing a recurring payment.
by em1sar 4y ago
not paying taxes on your property is different from not owning something and missing a recurring payment.
- sgjohnson 4y agoNot really. With property taxes, you lease the title to “your” land from the government.
- happymellon 4y agoExcept that if you don't pay your taxes, they might not take your house. If you fail to pay your lease then they will reclaim that particular item.
- judge2020 4y ago> if you don't pay your taxes, they might not take your house. At least in the states they absolutely do. It starts off as a tax lien which is then sold to whoever wants to buy it, so that the private sector handles actually reclaiming the land and re-listing it on the stock market.
- happymellon 4y agoThat is just how US law is structured though. They could just as easily say that they will reclaim the loss through recovery of your assets or by weight in blood. https://www.bristol.gov.uk/council-tax/what-happens-if-you-dont-pay https://www.bristol.gov.uk/council-tax/what-happens-if-you-d... In the UK the process is different, which just shows that they don't have to take your house to reclaim outstanding taxes. The point is that the government has options, if the property recovery value doesn't cover the missing taxes then I'm sure they will recover through other avenues. If you lease a car and don't pay, they can really only reclaim the car.
- sgjohnson 4y agoCouncil tax is not the same as property tax.
- happymellon 4y agoThey are government taxes based upon the value of your house. The government can take whatever they want in repayment as they are the government.
- judge2020 4y agoI realize my huge mistake calling it the "stock market". It's the real estate market.