3 ms·

The fact is though if you live in America are paying property taxes on your home, you are NOT hiding from the IRS the fact that you do - you are not saying "sor

The fact is though if you live in America are paying property taxes on your home, you are NOT hiding from the IRS the fact that you do - you are not saying "sorry, I don't really own this home and I won't be paying anything to you until such later time when my ownership will be revealed at the grand sale at which point I'll pay some taxes" With "unrealized" stock gains you are doing just that - hiding ownership so you don't have to pay taxes while enjoying the perks of the ownership when it suits you

mixmastamyk 2y ago
Property tax raises are capped in CA by Prop 13.
JumpCrisscross 2y ago
> if you live in America are paying property taxes on your home I own in Wyoming. My property's assessed value is like 1/10th the market rate. My neighbour--just checked!--who owns a property like ten times my size, across two plots, and far more lavish than my own has an assessed value similar to mine. The real estate records even have a line item for "actual value" separate from assessed value. Not familiar with the specifics, but I know California and New York similarly have assessed values that are entirely unmoored from what the property is actually worth.
- 0xBDB 2y ago
  This is most states, because the increases are capped for existing property owners especially for first homes - the homestead exemption. If you own a house you live in for a long time in a hot market your assessed value can be very low relative to market.
aassddffasdf 2y ago
[flagged]
- dang 2y ago
  Personal attacks will get you banned here, regardless of how doltish another comment is or you feel it is, so please don't post like this again. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html
0xBDB 2y ago
You do not pay property taxes to the IRS, or report the value of your property to them unless you sell it. Federal property tax is unconstitutional. It took an amendment for the feds to be able to do income tax, which has been broadly interpreted to include things like capital gains and income taxes.

mixmastamyk 2y ago

Property tax raises are capped in CA by Prop 13.

JumpCrisscross 2y ago

> if you live in America are paying property taxes on your home I own in Wyoming. My property's assessed value is like 1/10th the market rate. My neighbour--just checked!--who owns a property like ten times my size, across two plots, and far more lavish than my own has an assessed value similar to mine. The real estate records even have a line item for "actual value" separate from assessed value. Not familiar with the specifics, but I know California and New York similarly have assessed values that are entirely unmoored from what the property is actually worth.

0xBDB 2y ago
This is most states, because the increases are capped for existing property owners especially for first homes - the homestead exemption. If you own a house you live in for a long time in a hot market your assessed value can be very low relative to market.

aassddffasdf 2y ago

[flagged]

dang 2y ago
Personal attacks will get you banned here, regardless of how doltish another comment is or you feel it is, so please don't post like this again. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html

0xBDB 2y ago

You do not pay property taxes to the IRS, or report the value of your property to them unless you sell it. Federal property tax is unconstitutional. It took an amendment for the feds to be able to do income tax, which has been broadly interpreted to include things like capital gains and income taxes.