Pretty sure that is not what I said. Anyway, you are already taxed on the value of your home on a yearly basis, regardless if you sold it or not. Take your ball and go home.
What he is saying your home is an unrealized gain which is true.
While we pay property taxes they are a small percentage and based on the tax value and not the fair market.
While not a fan of property tax they at least directly impact you by providing value to your local area. Why I don’t bitch much about property taxes. I’d rather pay those than federal taxes.
You’re not taxed on the full appreciation of your home at income tax rates. If the government did, the tax on the appreciation would price people out of their homes.
Really? We should let the people in the low income areas of my city that just saw their valuations jump up know, because that is exactly what is happening to them. Property value went up 300%, so did the taxes.
Pretty sure that is not what I said. Anyway, you are already taxed on the value of your home on a yearly basis, regardless if you sold it or not. Take your ball and go home.
What he is saying your home is an unrealized gain which is true.
While we pay property taxes they are a small percentage and based on the tax value and not the fair market.
While not a fan of property tax they at least directly impact you by providing value to your local area. Why I don’t bitch much about property taxes. I’d rather pay those than federal taxes.
You’re not taxed on the full appreciation of your home at income tax rates. If the government did, the tax on the appreciation would price people out of their homes.
Really? We should let the people in the low income areas of my city that just saw their valuations jump up know, because that is exactly what is happening to them. Property value went up 300%, so did the taxes.
Ah. I failed to consider you live outside of the United States of America. I’m sorry that low income earners are burdened by this kind of tax policy.
Wrong