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So, following the logic, the NYC should charge crazy extra tax on properties to 10x the prices to make the market, hm, more affordable?
by splix 4y ago
So, following the logic, the NYC should charge crazy extra tax on properties to 10x the prices to make the market, hm, more affordable?
- CydeWeys 4y agoI live in NYC and the city does indeed charge higher property tax on more valuable properties, so I'm not exactly sure what point you think you're making here? Charging property tax proportional to the value of the property is common across basically the entire world (as far as I'm aware).
- splix 4y agoI know. I'm just wondering if they increase the tax by 80x for those properties (like $12 -> $850), do you think it will make the overall market better somehow?
- googlryas 4y agoIf people were buying properties, and leaving them desolate and unused for long periods of time in the hopes of cashing out one day later, then yes absolutely.
- splix 4y agoThat's why I mentioned NYC. Because people say it's a problem there, i.e, a lot of properties are just bought and not occupied.
- googlryas 4y agoWhat happens in NYC is actually the opposite of laws that discourage squatting - the tax laws, depreciation schedules, and other financial products like property value estimation actually encourage building owners to pursue unoccupied-ness in many cases.