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You hit the nail on the head here. The simplest way to solve this problem is a stepped increase in property taxes for home which are not the primary residence.
by brightball 3y ago
You hit the nail on the head here. The simplest way to solve this problem is a stepped increase in property taxes for home which are not the primary residence.
Just as an example:
Assume a baseline property tax level of say, 6%.
Primary residence - 2% discount to 4%
Non-primary residence, in same region (county/city) as primary = 6%
Non-primary residence, not in same region as primary = increase 2% to 8%
Non-primary residence owned by a corporate entity rather than a citizen = increase 4% to 10%.
You do that, it should make doing things like this much harder.
https://www.cnbc.com/2023/02/21/how-wall-street-bought-single-family-homes-and-put-them-up-for-rent.html https://www.cnbc.com/2023/02/21/how-wall-street-bought-singl...
- dmazzoni 3y agoFWIW, the highest property taxes in the country right now are <2.5% So your idea is fine, but the numbers are way off. My proposal would be more like: Primary residence: 1% Rental property with 1y+ lease: 1.5% First secondary residence, owner-occupied seasonally: 2% Third residence, vacant, or full-time short-term rental: 5%
- seanmcdirmid 3y ago> Rental property with 1y+ lease: 1.5% Isn't that going to push up the price of lower end apartment rentals? Why would we try to squeeze more money from poor people to the benefit of richer home owners?