3 ms·

Why not just ask the taxpayer to identify the value of all their assets, with the condition that they must sell to the government at the price given, if request

Why not just ask the taxpayer to identify the value of all their assets, with the condition that they must sell to the government at the price given, if requested? Note that in practice income is also quite complicated to pin down in tax law.

blitzar 3y ago
Why not allow me to sell at the price the government insists it is valued at? Many people that live in locations with property tax would very happily sell their property at the "assessed" value rather than sell on the open market for a fraction of that price. Obviously that is before we get into the various ways to obscure ownership of trivial things like planes and yachts that is already done for various reasons.
- jwestbury 3y ago
  > Many people that live in locations with property tax would very happily sell their property at the "assessed" value rather than sell on the open market for a fraction of that price. Citation needed. Assessed values are generally lower than market value. Furthermore, there's a growing set of data which suggests that, in many places, lower-value houses are assessed at a higher percentage of their market value than higher-value houses[0] -- that is, assessments are regressive. 0. https://www.youtube.com/watch?v=8MjjHKIlKko https://www.youtube.com/watch?v=8MjjHKIlKko
  - blitzar 3y ago
    https://www.vlct.org/article/vermont-supreme-court-reaffirms-rule-sale-price-not-necessarily-conclusive-determining https://www.vlct.org/article/vermont-supreme-court-reaffirms... Vermont Supreme Court Reaffirms Rule that Sale Price Is Not Necessarily Conclusive in Determining Property’s Fair Market Value The appellant, Gabriel Martinez, purchased a single-family dwelling built in 2000 for $350,000 on May 5, 2017. The previous owner had purchased it for $252,000 five months earlier when its assessed value was $433,000. A 2017 town-wide reappraisal – which took place while the appellant’s purchase was pending – set the property’s grand list value at $483,400.

blitzar 3y ago

Why not allow me to sell at the price the government insists it is valued at? Many people that live in locations with property tax would very happily sell their property at the "assessed" value rather than sell on the open market for a fraction of that price. Obviously that is before we get into the various ways to obscure ownership of trivial things like planes and yachts that is already done for various reasons.

jwestbury 3y ago
> Many people that live in locations with property tax would very happily sell their property at the "assessed" value rather than sell on the open market for a fraction of that price. Citation needed. Assessed values are generally lower than market value. Furthermore, there's a growing set of data which suggests that, in many places, lower-value houses are assessed at a higher percentage of their market value than higher-value houses[0] -- that is, assessments are regressive. 0. https://www.youtube.com/watch?v=8MjjHKIlKko https://www.youtube.com/watch?v=8MjjHKIlKko
- blitzar 3y ago
  https://www.vlct.org/article/vermont-supreme-court-reaffirms-rule-sale-price-not-necessarily-conclusive-determining https://www.vlct.org/article/vermont-supreme-court-reaffirms... Vermont Supreme Court Reaffirms Rule that Sale Price Is Not Necessarily Conclusive in Determining Property’s Fair Market Value The appellant, Gabriel Martinez, purchased a single-family dwelling built in 2000 for $350,000 on May 5, 2017. The previous owner had purchased it for $252,000 five months earlier when its assessed value was $433,000. A 2017 town-wide reappraisal – which took place while the appellant’s purchase was pending – set the property’s grand list value at $483,400.