More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
@@mariaguerrero08I'm actually considering it. It might be time to reassess my investment strategy. much more info needed please, what did you invest in?
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Here in MA, 15k property taxes but kid got denied a place in an exam school just because we live in some zip code. Kid with 99th percentile in exam btw.
@mohammadmursalin6817 no, it isn't. Old weapons go there. Maybe up to 3% of the pentagon budget can be contributed in cash, but absolutely $0 from property taxes goes to foreign aid. Don't be stupid.
@@sharonhines3476 lol your property taxes have not increased unduly, they've stayed the same as a proportion of your property's value. The value of your property has shot up. The average effective property tax rate is 0.81% in Georgia. Eliminating property tax is one contributing factor that has made property in California so valuable... and so unaffordable.
Never heard of anyone not paying taxes and wanting their home taken from them. But I bet if you check family court records there are many ex-wives taking hom3 from their ex husband.
@@blackworldtraveler3711 You're missing the point, it's not something we should have to not want to happen if we don't pay. And sadly if male privilege didn't exist in terms of opportunities and wage disparities that type of system wouldn't have to exist where women get the favorable court ruling because the court knows male privilege exists. We can correct society to where women have equality in opportunity and equity and they would be able to afford their own homes equally as men do. We can't maintain the male privilege system and then judicially leave women on the streets when we decide to do something that causes the divorce as usual, it has to be one of the other... or get even smarter and do none??💡
@Duke_of_Prunes (EDIT: HES WRONG LOL) OK and? Back when the boomers where kids it was less than 7%. Your point means nothing. If you where born 30 years ago you had a easier chance to get land🤣
There should be zero property tax for individual homeowners. You own your home and shouldn’t have to pay anything extra to keep owning it. Government services should be only what’s absolutely necessary and paid through sales tax. Cut government to the bone.
Don’t say that too loud. They drop the property tax and the sales tax will be 20% or some insane amount … they’ll get it from somewhere. They always do.
I agree with you. But make no mistake, we do not own our homes. We paid for the right to live on and improve a piece of land owned by the town or city. If we improve it, they get to charge us more taxes or essentially a rent. If you don't pay your taxes, you will find out who owns it.
Buy a house - you pay sales tax - every year you pay property tax - money you make - pay taxes- groceries you buy - taxes - then you retire - and pay more taxes on the money that was taxed already - forgot about the car - you buy a car sales tax - no problem - but after that every year car tax on how much the car is worth - so how many times you pay car tax on the same car????? And one more - Trump made middle class pay more taxes every year until 2027 - and there is nothing you can do . In America you own nothing - it's pure illusion of owning
I bet you’ll be happy to know that in socialist countries you only pay half of those, you get free healthcare, and if you ever get injured, shot, or have an accident, you don’t loose your job, you don’t become homeless, and you don’t loose everything you have.
@@SigFigNewton If you know what significant figures are, as your username indicates, you are probably 10x smarter than the OP whining about taxes. He won't understand. Any scientist, engineer, or professional knows, if you want a modern economy, you need to have a tax structure behind it. If you want to live in Mogadishu or Afghanistan or whatever, then fine, you don't need taxes at all. Markets, left to their own devices, tend to concentrate capital. You will always end up with a Monopoly (or a de facto feudal system) unless you have a tax structure and government policy to resist that tendency. This has been true throughout ancient history. But in the US, the corporate world has cooked up a lot of bogus "common sense" "truths" about how all market intervention is bad, and markets miraculously solve all problems... so long is you never actually think to check and see what markets are _actually_ doing in reality, markets are perfect, and the invisible hand addresses all evils. No matter what, though, don't notice how markets have failed to resolve any of our problems in healthcare, housing, and wage stagnation.
@@DwightStJohn-w1l Dump property taxes, increase sales/gas/utility tax to compensate for the loss of revenue, and call it a day. Many corrupt counties aren't using the extra income to give to schools. They are using the funds on wasteful vanity projects such as extravagant $20K "Welcome To X County" signs and increasing county board members' paychecks. Schools should be funded exclusively at the state level so that schools in poorer communities don't get the short end of the stick.
Goverments needs money to run. It's always the dilema of income tax vs property tax. I'd rather pay higher income tax than property tax. With high property tax you'll never be able to truely own your home and your will be expected to only pay higher property tax as you age, even if you can't work.
@@WELVAS. Taxing income means taxing money the homeowner actually has. That is far better than property taxes. What does it matter if my home increased in perceived value because a giant new house was built down the street? I don't have more income because of that! The property developer does!
If you have to pay tax on a property that you own free and clear to the town and state or you will be removed from said property by men with guns and a badge, Do you really own anything?
@@daves8665 A big thumbs-up here to you. Our names may be on the home deed but really, the government holds the deed. You own your car when you pay it off (in most states), but not your home.
@@truthsayer9534 listen, this idea of "the government" as separate from the larger population is crap. It's a democracy. We in the electorate vote for people to represent our interests and to run our collective affairs--the system in which we all live. If you don't like the results you have to be politically aware, you have to be educated in all of the issues at hand, and (most importantly) you have to THINK CRITICALLY. Unfortunately too many citizens are uninformed and incapable of the critical thinking aspect so crucial to a healthy functioning democracy.
@@spinecat This government is separate. Its run by BlackRock. The entire family works in the White House creating foreign, and domestic policy. BlackRock purchased huge swathes of property and pulled it off market to drive up prices. BlackRock have been awarded all the rebuilding contracts in Ukraine. Corporations own the government, and blackmail it!
@@brianspurlock-f8j The Trump supporters always have to interject politics. I'm sure if Trump wins, everything will get fixed. Costs will just magically go down and we will get raises.
@@IndependentThinker74 LOL, if Trump actually spikes up tariffs on every single import like he says he wants to, the irony of it all is that prices will INCREASE even more. But unlike the last few years where prices went up around the world and the US was actually below most other countries' inflation rates, a Trump tariff-induced price spike would be caused unilaterally by his decision and his alone, well after most other countries tackled their domestic inflation. Oh well, can't fix stupid.
Most places haven’t actually raised taxes . They have just reassessed your property value with the high inflation. But you can bet when the price goes down they won’t reassess again for years.
you will never own your home. the government owns your home. try not paying realty taxes and see how fast you get a lien and a foreclosure. the elderly are susceptible to this as they get reassessed on property values, they are unable to pay the new tax hikes on their re-valued home and are forced out of their own home. talk about a serious crime.
@@BobRooney290 Just the armed services cost every family of 4 $10,000.00 every year for their share of the cost. taxes are needed, I know those are not local taxes, but that is not the point
This year will undoubtedly be worse than the previous one. Because I was so concerned about my portfolio, I made poor investing decisions that cost me a lot of money last year. Though I was unsure whether to begin making house payments, I continued to invest. Ultimately, I let go of my jobs, and the house required more maintenance than I'd anticipated. How long can I continue in this manner?
That's correct. With the assistance of a financial planner, I was able to diversify my portfolio across multiple markets and attain a net profit of over one million dollars by utilising high-yielding bonds, ETFs, and stocks. It is essential that you have a range of experiences, including with companies that are making money right now.
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This is a common scam where they take away taxes in one place and transfer it to another. Wealthy landlords will pay less while everyday people will foot the bill by paying more taxes on goods or lose funding for schools, roads, etc.
This is ignorant. Homestead properties pay dramatically less property taxes than an investor which can’t file homestead and therefore never has a tax cap. My homestead property taxes are $2000 and my rental properties are more than double.
There are small, long-term mom and pop Housing providers who try to keep rents affordable. When property taxes increase excessively, they may need to increase rents to have decent cashflow. Best to put a cap on property taxes. There are elder homeowners who can no longer afford excessive taxes as they transitioned into retirement, even though they had paid off their mortgages.
there's something off about property tax altogether. something about it, being that even if you've fully paid off the house and retired, your home will never technically be yours. i hear a lot of stories about homes being seized when owners couldn't keep up with the property taxes.
I was much younger and naieve, but I lost a home due to foreclosure from not paying taxes. I wasn't living at the home, I was renting it out. What bugged me the most is that the county was only legally suppose to place the information in the local newspaper and then deliver something and pin it on the door of the home. Despite them having my actual address in a nearby city, they never sent me a single piece of information about a potential foreclosure...I had ZERO idea it was going to be foreclosed on. I literally showed up one day after my renters moved out and found the locks changed and a real estate sign. It had been auctioned off, again without my knowledge. I spoke with a lawyer who said there's nothing to be done since the county technically did what it was suppose to do..i.e. the mention of it in the local newspaper (local as in city newspaper) and pinning the info on the door which was not there when I visited the property.
slandshark What do you mean you had no idea blah blah blab BULLSHIT & you had no idea it was going to foreclosure??? BULSHIT!!! IF COURSE YOU KNOW you were NOT PAYING!!!!SO WHAT DO YOU EXPECT???? Take accountability!!! How is it a surprise when you KNOW you stopped paying!!! Give me a fucking break!!🙄🙄
@@hewitc property taxes can easily end up being +$12,000 a year. Which is basically more than $1000 a month. Basically a rent for something you own. Ridiculous.
@@Mateo-hr4to If your property taxes are more than $12,000 you have a big expensive house or live in a high-end neighbourhood. Either way, the assessed VALUE of that asset is skyrocketing, which is why your taxes are also increasing. Median property tax in the US (1:28 in the video) is actually $3000/yr. That's $250/mo. Your figure of $12,000/yr is FOUR TIMES the actual median property tax. Average home value is $500,000, so your property tax of $12,000 is closer to what you'd pay for a $2 million house.
@@graciefreebush394 Well it's either that or it's being sent to special interest groups who are 'fighting for equal treatment in the name of diversity and inclusion'. It IS an election season though and elections are expensive sooooooo....
Simple, when the billionaires got massive tax breaks over the past few decades the funding for essential services for the rest of us began to be taken from property taxes. You can't remove a huge part of government revenue then just expect it to survive with no added debt, especially when inflation(price gouging) hits and all prices increase.
@@Losttimes1992 your hero Trump slashed taxes for the rich, but didn't add any new revenue, so the same programs had to run on less revenue. You voted for low taxes and no government services, you don't get to complain when it's falling apart like you voted for and we warned you against.
@@Pete.across.the.street I was thinking of a standard sales tax rate * the sales price of the home. In Florida, that could be between 3-6%. So a $500,000 home purchase price would net a one time state sales tax of $15,000-$30,000 that can be paid net, or rolled into the mortgage. That seems a lot more reasonable than paying 1.5% of the home value every year forever, which adds up to a lot more over time. Total fantasy land though, the states would much rather milk citizens for eternity.
Wrong. States pass road and highway bills all the time. The money comes out of the general fund which is in large part property tax. You and the 17 morons that thumbed up need to stop, self-educate, and then form an opinion.
False. Property taxes DO pay for local roads and streets that connect individual homes. Gas tax pays for state and federal routes, highways, interstates, bridges, etc... States even attach tolls to some highways as a funding mechanism because the gas tax isn't enough.
@@Joe-ij6of Property Taxes DO NOT Pay For Roads The OP is Correct. So Let's Educate Everyone OP. Property Taxes Pay For POLICE, POLICE PENSIONS, POLICE CRUISERS, and When The POLICE MAKE A MISTSAKE AND ARREST SOMEONE THEY ARE NOT SUPPOSED TO, PROPRERTY TAXES IS THE SLUSH FUND FOR LOCAL GOVERNMENT. THE POLICE DEPARTMENTS PAY $$$ SETTLEMENTS With YOUR PROPERTY TAXES. Property Taxes Also Pay for Libraries, The Fire Department and PUBLIC SCHOOLS. YOU KNOW WHERE KIDS CANT EVEN READ AT GRADE LEVEL... PROPERTY TAXES ARE A COMPLETE WASTE OF MONEY AND ANT-FREEDOM
You’re dame right we need to stop giving money to other foreign countries those moneys belong to the hardworking American people who did all the hard work.
Also, immigrants need to be able to support themselves, else bar them from entering or deport them. Evil Democrats trying to stuff the ballot box violating our laws.
Where does all this tax money go anyways, you are taxed for EVERYTHING, and the country is falling apart, and you never see the money going back into anything.
Yes, we should all be asking that all-important question, but don't act like you don't know where the money is going. Well, at least lately, we know it's all going to Ukraine and Israel and a few more unmentionable places.
Just ban short term rental like air Bn B and corporate landlords from buying single family houses. That will flood the market with 50 % more houses for sale
@@DCBJ2011 wrong . Family instead of corporate will buy houses. People will go stay at hotel instead of air b n b . So it’s the same . Air Bn B will never existed if technology never existed
@philipzullo 0 seconds ago THEY DO NOT OWN ALL THE HOME I OWN 7 ON ONE BLOCK NOW CLOSE YOUR MOUTH ILLEGALS GO HOME THEY COST US WITH FREE MONEY AND HOUSING AND HEALTH CARE PRICES GO DOWN PERIOD! CLICK HERE AND LISTEN @1:15 HE IS A COMPLETE HALF TRUTH TARD YES IT TIES THE CITYS HANDS SOMEWHAT STRAPPING THEM FOR CASH THEY DONT HAVE NOW BUT THE 25,000,000 IL
We probably have, at the most, 50 or so in my state. Are you considering ALL of the commercial properties which, in most cases, pay the same property tax rate as homeowners and MUCH more money and they send ZERO children to public school and receive virtually ZERO other town/city services? ALL of this tax revenue LOWERS YOUR property tax way more than what you'd receive from a relative handful, percentagewise, of Billionaires.
It's ridiculous to have to pay property taxes every year. One time when you buy the property, that's it. The founding fathers would puke if they saw how citizens are being extorted by government
Run for local office with a few similar friends over the next few years and cut the property taxes. But be prepared to educate your own children. Most of the revenue goes to schools
@@markkasprzyk3287 And yet property taxes are still the largest generator of income for local governments. So what tax would you increase and what services would you cut to get that 60%+ replacement income gap?
This is a no brainer. Property taxes are a wealth tax on the middle class and poor home owners. Eliminate property taxes on owner occupied residences. Pay for it by raising property taxes on investment properties and the very wealthy.
How is that fair? I'm not wealthy but I do find it hypocritical to want to keep all the money that you earn but punish those who have more than you. Without them, you wouldn't have a job. If you could do it yourself then why haven't you? If others from other countries can come here with nothing and go on to be successful, then what's stopping you?
@@LadyUpstart it's fair because they'd still be rich. Reaganomics shifted the tax burden from the ultra rich to the middle class. That's why the middle class are struggling and our infrastructure is crumbling. Republicans what to "make America great again" but they ignore the fact that during the golden age they're longing for, the top tax bracket was around 90%. That's how we paid for going to the moon and building the interstate highway system. Now the top tax bracket is around 20% and homelessness is skyrocketing.
@@LadyUpstart also, there is no wealth tax in the rich, but property taxes are effectively a wealth tax on the middle class as typically, most of a middle class family's wealth is tied to in their house. By the way, the rich are driving up home values and shrinking inventory by buying up ad many houses as they can as investment properties. This behavior NEEDS to be curtailed. How is it fair that the rich are taking away average Americans dream of home ownership?
@@RPGreg2600 as a financially responsible person and actual middle class person, homelessness has nothing to do with the wealthy. The information from the government themselves, that of all taxes paid of millions and millions of dollars for revenue for the government, the wealthy make up 40-50% already . Us normies, only make up about 20 something percent of all income revenue for the government. And if you actually read the articles about middle class shrinking, it is because the middle class are moving up into the upper class in this current system that you say doesn't work. My husband and I literally worked our way from poverty to the middle class/upper middler class, if we get the chance to work our way up into the next level. Why should you or the government punish us for working hard?
These frequent tax code changes are disrupting my long-term investment strategies. Are there ways to structure my investments to be more resilient to potential tax code modifications?
Tax code changes taught me to you can build resilience into my portfolio. Diversification is key! My set manager helped me spread my investments across different asset classes like stocks, bonds, and real estate so that a positive tax code cha age here can help minimize the impact of aa negative tax code change there adjustments.
I agree. Based on personal experience working with a financial manager, I currently have ($2million) in a well-diversified portfolio that has experienced exponential growth from when i started. It's not only about having money to invest in stocks, but you also need to be knowledgeable, persistent, and have strong hands to back it up.
Recently, I have been exploring the possibility of consulting with advisors. As a mature individual, I am in need of guidance, but I am curious to know how truly impactful their services can be?
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Bobby Jindal tried doing this in Louisiana, slashing every single budget he could. The result was poor public services, schools, and long wait times for public works maintenance and repairs. And on top of it all he was left with a $1.6B deficit. Look up that case study. There has to be a balance. I'm sure we'd all like to pay no taxes but think of all the work that's required to get clean running water to your home, electric, internet lines, roads, emergency services, etc.
@@DaveP-uv1ml The top 1% of earners in the US paid more than the bottom 90% combined, so quit believing the garbage you're being force fed. It's not greedy or evil to become wealthy, you and 49% of America are trained to believe anyone making more money than you should have to pay half of their earnings to the government because they're greedy and evil. Complete nonsense. That "sweet deal" you're talking about states bidding on corporations to set up headquarters in their state so they can hire tens of thousands of salaried workers, which lowers unemployment meaningfully and serves as an investment in their state as those tens of thousands all pay state income tax in almost every state, as well as the velocity of money it causes in the state. The entire economy in an area gets better when a corporation moves in and hires a ton of people so they can then spend that money locally. You've been lied to. Free market capitalism is good, not socialism. The rich are overcharged, not the other way around.
In Florida you can Homestead your primary residence. That limits the amount of increases in taxes every year. In results in new homeowners subsidizing older home owners.
@@michaela7114 doesn't count because you texans have income taxes waived...try living in NY and complaining. i pay 1k a month for property tax, 29% income tax, 300 every month for medical, 400 for social security, oh theres state and city taxes too for income forgot about that....I also pay sales taxes like everyone else...this is insane...
@@jinsu0504 a lot of times it's relative to income. I live in Minnesota. I pay $2400 a year in property tax . Still a lot of money when a person's gross income is $30,000 a year.
It’s not enough. Homestead needs to be raised across the board homes are 50% more now in most major metros and all states need to do something for the elderly.
They want to eliminate property taxes, now that Blackrock, Vanguard are dominating the housing market. So of course, the law would will only apply to certain 'types' of properties.
@@bobwoods1302 Exactly. If you want a school and parks where you bought your home, then you need to pay a "fee" for that area to have those things. I agree taxes are way too high for what we get.
@@bobwoods1302 schools, libraries, trash pickup, emergency services are never free in the beginning? what are you actually talking about? You pay those fees on top of the property tax.
Would be nice! The fact my grandma had lived here for 50 years shouldn’t have to worry about losing the house she built and worked for so hard because of property taxes which keep going up when no one can afford it
Without a doubt, this year will be worse than the last. I lost a lot of money last year as a result of bad investment choices that I would not have made if I hadn't been so worried about my portfolio. I kept investing, but I couldn't determine whether to start paying for a house. In the end, I sold my positions, and the house needed more work than I had planned. I'm not sure how long I can keep going like this
@@mikenelson3632 and I think we should increase politicians salaries so they can trade more stocks as well as give more money to Europe so they can have socialized healthcare and we pay for their military too
@@eastcoastgrowshow8495 the military is only there to be an economic and religious imperialist Force at this point. As for safety in the police do not provide that the police protect property they have nothing to do with safety
the idea is silly in itself. why should i have to continually pay taxes on something i own and already paid taxes on when i bought it. You will also pay taxes when you sell it to.
Because the state, municipal and county infrastructure that you count on to be able to drive to and from that paid for house, and to protect it with police and fire services, need ongoing funding. The people who provide those services cannot afford to feed their own families if they work for free.
Will this have a positive effect on the housing market? If you were to put your money in either housing or stocks atm, which one promises more short term?
This isn't the best place to ask this, but it has got to be Stocks... Of course, you have to be well informed on the right ones or better still, get an F.A to handle it for you (that way, you minimise risks). Made my first million few days back from the Nvidia rise without having to do much unlike with Real Estates where you can wake up to a call by 2am to complain about a leaking pipe.
You should start by looking out for those from known firms and good track records. You should also make sure the person is licensed. Personally, I use Kelly Matwick. She's good and you could also look her up.
Nobody is worse than NJ. In 2010 I bought a home for $250,000, The taxes were $4000; By the time I sold the house in late 2015, it was worth $255,000 ($5k more) but the taxes had risen to $8500. During the same period the HOA went from $1200 to $2500 annually.
Lul. Hoa is pretty much a secondary tax that when increased doesn’t benefit your neighborhood either. They keep telling you it upholds value but we all know it doesn’t do jack sht
Nobody's fault but your own, when you can easily grab a few friends and run for local office to cut the schools and make people educate their own children Most of the property taxes g to schools
Exactly. California did this for the last 50 years and the results are abysmal. It's a regressive tax that gives huge breaks the homeowners (the richest people) while transferring that burden to the renters (the poorest people). Why does Kansas want to become more like California.
@@Mkundera We're discussing whether or not to give wealthy homeowners tax breaks. How about we don't give rich people tax breaks and then everybody pays their fair share.
@@Thewatcherinthering336 And you expect an increase of more than 10 percent in the coming years? For a property tax bill of 7500 per year your home is worth north of 500k. You can afford an increase, but you're a greedy POS, so instead of paying property taxes you can afford you'd rather have property tax capped or eliminated and for that revenue be made up through sales and other taxes that disproportionately burden people who have much poorer opportunities for income than you do. Again, despite the propaganda you consume, property tax caps and the elimination of property tax isn't to help upper class POS like yourself, it's so real estate investors who direct public policy can save millions of dollars.
What about seniors. My house I bought in 1998 now has an assessed value more than 2.5 times what I paid but my Social security didn't go up by that much.
@@nottheone582it will only make sense if they can carry the property tax over. If their home is paid for it's insane to sell and then move to a more smaller home and pay more.
Our pay has not gone up to match property TAX. Our home we paid $122k is now valued at over $600k in a decade. People keep saying if you can not afford the Taxes maybe you should sell and move. move to where????? This last 3 years has felt like we are just being robbed at every corner.
@@Pete.across.the.street I'm a uneducated blue color person above 57 that has no job. I retired. I should not need to go back to work at 57 to cover taxes on my home that have increased do to mega inflation and the theft and greed of democrats. stop using my tax money to pay off collage loans that I did not take out, pay for illegals that come here illegally and give them a free ride for doing nothing, giving my tax money to Ukraine for a war that we have nothing to do with.
It doesn't make sense to pay taxes on unrealized gains & that's what homeowners are doing every year their home values are assessed higher. There is no correlation between a homeowner's income & the value of their home. You can own an asset that increases in value. That doesn't mean you suddenly have more money in your bank account. That's the illogical assumption the property tax system makes.
That is a problem of your own making. You don't want high property taxes, that's fine, then move where the land isn't valuable. But then you won't have schools or paved roads or police or EMS or libraries or parks or city water. You know, all the things that are paid for by property taxes which you so badly don't want to pay.
@@mariusfacktor3597The issue brought up is very interesting. Outside of property tax, no other tax is collected based on unrealized gains. If a property value decreases, one has to fight tooth and nail to have a lower property tax bill. Many people have bought in modest areas but due to factors outside of their control, their property values have risen. The original author makes a very valid point in that asset value does not necessarily translate to bank account value.
@@bradg.5253 If you're house appreciates rapidly, then you can always sell it and become wealthy. I don't have much empathy for wealthy homeowners wanting tax breaks. There are many people who are actually poor who actually need help from the government. Most of them aren't homeowners.
So capping rich people's mansion taxes, while the person in the apartment picks up the burden is A OK but student loan forgiveness? Why should the rancher pay for your student loan. What hypocrites!
Im in Michigan too. Property taxes are so bad that renting a small apartment is honestly the best option here. I’d welcome lower property taxes. People would invest more in Detroit and Wayne County if they knew their profits wouldn’t be eaten up by the government.
How? I live in Indiana and our state constitution has an ammendment that only allows property tax to be set at 1 % of the value of the home. So, either the value of your home also increased 69% or it's not a single family home. Been this way for years.
Does anybody remember Prop 13 in CA? It was not a good thing. Several things happened: 1) Increases per year were limited (well below the increases in property values). That led to an increasing "grandfathering" effect. Existing homeowners had cheap rates, then when somebody else bought the property, they were hit with rates calculated from the actual property value. 2) The proposition was sold on the idea of little old ladies being taxed out of their lifelong homes. In actuality, it was done to save big corporations money on the land they hold. 3) The state increasingly helped itself to property tax money. Cities and counties were left scrambling for what was left. Local services and road maintenance have been hampered ever since. 4) Endless exceptions had to be made as things went on to make things seem to have any semblance of fairness. Every couple years we can count on having a proposition or two to modify what was done. 5) Now that the tax cut is entrenched, there's no practical way to just "get rid of it". If taxes seem to go up for no good reason, we need more transparency over how they're set and hold people accountable. Knee jerk reactions like Prop. 13 don't solve anything.
Good summary but you left out one thing: Prop 13 made housing prices skyrocket. No property taxes would mean the same in Kansas or wherever, and people would just pay more for their houses. We do need caps on property tax increases in Kansas, though. Our property taxes are sky high and the money doesn't seem to be invested in better schools or better roads; mostly, it goes to a bloated bureaucracy.
Adding on, due to prop 13, schools felt the hit of capping property tax as school quality fell drastically in the 1980’s as obtaining more resources became difficult. Also, it was noted by Redfin this year that a lot of CA homeowners are staying longer in their homes due to prop 13, which is causing low inventory of houses on the market only adding more to the housing crisis. Why move when I would get hit with a larger property tax bill on a new house?
This is complete nonsense. State and local governments in California waste huge amounts of money. The idea that if property taxes were higher would lead to lowering of other taxes goes against everything the democrats who run this state believe in. Prop 13 has been a very small brake on an ever increasing tax burden in this state.
Just freeze the property taxes at its lowest number in the last four years. If the lowest was in 2019 then freeze it at that number until things get better.
That's why older people downsize. They usually don't need all the space anymore and the taxes keep going up. So they sell and move to something more modest. It's extremely common. If you don't do it you risk losing the home. Actually the home is sold and the town gets the bcack taxes and the owner gets the rest of the money.
Why not income tax? Wouldn't be surprised if no rents drop and that it only helps those who are wealthy enough to even buy a home nowadays, or who already have a home. No taxation without representation and i don't feel like I'm properly being represented. This country is going down the toilet, by those saying that this country is going down the toilet and yes, I see the hypocrisy in that. Yes, myself, and many others can also be blamed for why this country is going the way it is.
Thank you! They want the rich to get richer and the poor to get poorer. Stop income taxes on anyone making less than 50k a year cause there the ones who are really struggling to get by....
@@carmens1996dude stop. If you feel you should be exempt from taxes because you are too poor then a fair trade would be you shouldn’t vote ( unless you served in the military). A lot of poor people voted for Biden thinking they’d get free stuff yet have no understanding of how an economy works. Democrats kept passing large spending bills after COVID when all they had to do was open the economy and stop the lockdowns. Those two additional spending bills Biden passed added heavily to inflation and weakened the dollar. The average American is ignorant and all you have to do is say the other side is racist and we get Biden and the democrats. Secession is the only way forward
So they want to eliminate property taxes from people with money and home equity and passes the taxes on to the people that dont have money to buy homes?
Basically 😆 It’s that or these states are going to ask the Federal Government for money to fill the gap. Then that means states with property taxes would pay for the states either way no prop tax.
Exactly. California did that 50 years ago (Prop 13) and it turned out to be a disaster. We have the worst housing crisis in the country while wealthy homeowners pay next to nothing. Why on Earth would Kansas want to replicate California in this regard.
@@mariusfacktor3597 Jeff Bridges pay less tax on his Malibu Seaside Mansion because he inherited his mom’s property step up tax rate while if you buy a home today you’re laying 5x more than him 😱
it is actually a very effective wealth tax. not surprising that progressives are fighting to eliminate it for the benefits of the wealthy. everything they do always benefits them despite their “eat the rich” supposed agenda.
I've been doing that all of my adult life. It gets old. Wish people who bring kids into this world would pay for them and not expect for the rest of society to do so. What's with this "personal deduction" on income tax forms? Just another subsidy for other people's kids.
Schools should not be a socialized benefit. Libraries, yes. A few thousand police to capture the 20,000 murderers yearly, yes (only half actually get caught). I don't personally want to put out fires 🔥 by myself. Things like this are reasonable. Beyond this, things are getting ridiculous.
And get rid of the fire department and ambulance and teachers unless they agree to work for free. Cops can live off the tickets they will start righting left right and center.
we get tax literally every step of the way. If your state needs property taxes. Sounds like they need to budget better. Having to pay property taxes mean we will never truly own land and buy extension your home.
How can you just get rid of it? I'd love that, but where would schools get their funding? Wouldn't this also cause houses to go up in price? I feel like they really need to lower housing prices. Unfortunately the only way I can think of doing that is by adding more homes on the market.
@@MWMWMWMWMWMWMWMWWWMMMWMWMWMMWM "he makes his money through stock payouts that are capital gains and easily offset." tell me you don't understand the tax code without telling me you don't understand the tax code
What’s important to keep in mind is that property taxes can make up roughly 40-50% of a city’s revenue. Taxes will have to increase elsewhere to make up for that lost revenue. If people think their city is run poorly now, imagine if they had half the money. I think what a lot of cities need to do is reconsider how the money is being spent. People don’t have a problem paying property tax if they feel like their tax money is actually being used wisely. If people in a city are paying property taxes and the city suffers from crime, poor road conditions, slow city services, etc., then they’re going to be upset with paying taxes. Having worked for a city, we made sure our roads were always taken care of, our public services were quick and effective, our parks were clean, and our citizens received excellent service when contacting us for help. Because of this, we never had too much of an issue when it came to raising property taxes. The citizens felt like their tax money was actually improving the community and their quality of life.
What i'm curious about is when your property taxes goes up over 40% in 5 years what do they do with all this extra money? They still pretend to have nothing and ask for more from their citizens.
Sprawl is built because the cost of consolidating land and construction of complex structures in core areas is far more than the cost of buying greenfield land and building cheap cookie cutter homes and strip malls. Unfortunately, local authorities do not take the simple step of requiring a break even property tax to servicing cost balance in the long run for new developments. As a result, sprawl developments become money losing entities for local governments. In short: short term profit for developers is prioritized over long term losses for taxpayers. Suburbs were never affordable and either you pay for it or it degrades over time like Levitttown where property tax on a 1950's 1300sqft $400k house is over $13k a year.
@kronos6460 Yikes. Even property tax rates in the NYC suburbs aren't as high as Levitttown. ~0.9% for NYC residential compared to ~2.24% in Nassau County. While NYC is known for wasting money, just where the money in Nassau is going?
@@Cyrus992 Just the red tape that comes with having a bunch of neighbors. Even if environmental reviews aren't a thing, you can still get lawsuited from the Karen next door
Property taxes should be based upon the purchase price of the property, not what the value of the property is. Supply and Demand is stupid to use to collect taxes. If I buy a house at 140K 12 years ago, it should be the same amount every year since then. Mine has gone from 1800 dollars a year to now almost 5K in these 12 years.
Property taxes are a crazy concept. If your home goes up in value, it's an unrealized profit. You don't get taxed on stocks that went up in value if you haven't sold it.
But everybody's home in any given area goes up about the same % . So when they are splitting the budget between all the residences, it should come out roughly the same.
Gotta fund those six figure politician salaries somehow. To be fair, the Republicans don’t like to raise income tax. If they did, people would abandon them fast
Laughable to think that the pigs would ever cut their salaries or stop militarizing themselves with MRAP and rocket launcher or whatever they're on now. It'll be schools, and then indoor plumbing, and soon you'll have to make your own electricity like a favela slum!
@@missmartyjackson are there bureaucrats who get paid for not doing much? Sure. But it is hilarious that people think they can cut 30 or 50 percent of government staff and expect their standard of living to stay the same. Why has there been no large terrorist attacks on US soil since 911? Because of tens of thousands of intelligence agents who might "just be bureaucrats" in your eyes.
Let me guess CT? I when I lived there I to pay $500/yr just for the the taxes on my old 2014 Ford that was bought and paid off in Iowa. Even after I returned my plates they kept taxing me for my car…
The problem here is our lobbyist-beholded elected officials, and BOTH parties are guilty of that. Democrats give corporations tax breaks also, and the difference is ALWAYS made us by we, the taxpayers peons.
Corporate/investor owned housing - - if their property tax goes up, they will pass it on to their tenants via higher rent. No way around it harming tenants.
@Demopans5990 Yep! And there's usually ALSO always an increase in other taxes we pay (i.e. sales tax, real estate tax) to recoup any lost tax revenue from eliminating property tax. Very insidious! Taxation is literal theft!
If you use the roads that go to your home, have sidewalks, streetlights, sewer, electrical/gas/water grids, police dept, fire dept, etc... someone has to pay for that. The most fair is for the people who are actually using those services pay for it.
The fact that they would say it would lea to a "spike" in income and sales taxes goes to show that the real problem is government, and their runaway spending.
No one likes property tax, but the money has to come from somewhere. If the goal is to get the most from the people with the most money, it seems to me a higher income tax (with no exceptions) would be the best way. Someone making a lot of money, but not spending much and/or living in a less expensive house would not pay as much in taxes.
@jameswalker590 The US prints money, please think outside the box. Why would the gov need to tax people when they issue the currency to begin with? It's silly, the gov can just issue money, pay their employees and it prints as much as it needs to cover their costs plus production in the economy to avoid inflation, deflation...and rethink the credit system. Other countries in the world don't tax homesteads, please think about this.
I only pay 1,400/yr property tax for my primary residence on several acres and my income tax doesn't come close to what I save considering how much my property is now worth.
Look at Prop 13 and the CA state deficit right now. CA has a large tourist industry and many large industries. The majority of residents in these states where they want to eliminate property taxes are low-income and don't get many visitors. They don't have thriving industries to sustain having no property taxes.
California has a housing shortage as a result of Prop 13 (the law that caps property tax) because homeowners refuse to sell when they get massive subsidies from the state for holding on to their house. Capping property tax is a REGRESSIVE tax because it gives tax breaks to wealthy homeowners while making rent more expensive through the housing shortage that it creates. I have no idea why Kansas would want to make itself more like California in this regard. Horrible idea.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
@@mariaguerrero08I'm actually considering it. It might be time to reassess my investment strategy. much more info needed please, what did you invest in?
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Paying thousands in property taxes yet kids have crappy schools
I’m in Maryland and casinos were built, a percentage of profits supposed to go to schools but the school are worse than ever
@@Bythebartalk it doesn't boost the revenue for school, it just gives them extra money for other stuff...
You could say about all taxes. Taxes are a massive pyramid scheme.
seriously....i pay 1k a MONTH and our schools have C- ratings lol
Here in MA, 15k property taxes but kid got denied a place in an exam school just because we live in some zip code. Kid with 99th percentile in exam btw.
Property tax up 40%, you think states are giving out 40% better public services? The money just vanishes.
of course not they money is going into an unsustainable system from the beginning is the problem.
Yeah, to your beloved Israel and Ukraine
@mohammadmursalin6817 no, it isn't. Old weapons go there. Maybe up to 3% of the pentagon budget can be contributed in cash, but absolutely $0 from property taxes goes to foreign aid. Don't be stupid.
@@SigFigNewtonmine is. Up 400% here in my county in Georgia over the last 5 years or so.
@@sharonhines3476 lol your property taxes have not increased unduly, they've stayed the same as a proportion of your property's value. The value of your property has shot up. The average effective property tax rate is 0.81% in Georgia.
Eliminating property tax is one contributing factor that has made property in California so valuable... and so unaffordable.
A PAID OFF HOME CAN STILL BE TAKEN FROM HOMEOWNERS IF NO TAXS PAID. THAT SHOULD NEVER BE.
Never heard of anyone not paying taxes and wanting their home taken from them.
But I bet if you check family court records there are many ex-wives taking hom3 from their ex husband.
@@blackworldtraveler3711 You're missing the point, it's not something we should have to not want to happen if we don't pay.
And sadly if male privilege didn't exist in terms of opportunities and wage disparities that type of system wouldn't have to exist where women get the favorable court ruling because the court knows male privilege exists. We can correct society to where women have equality in opportunity and equity and they would be able to afford their own homes equally as men do. We can't maintain the male privilege system and then judicially leave women on the streets when we decide to do something that causes the divorce as usual, it has to be one of the other... or get even smarter and do none??💡
Now that corporations own all the homes, now they want to remove this tax? How transparent does greed get?
although you can deduct 10k of it from your taxes, there is no cap on it. so its an unavoidable state level wealth tax.
all the homes? thats a gross exaggeration and not anywhere near the truth
@@gregh7457 it's actually closer to the truth.
@@xletzyy27% is nowhere NEAR 100%. Although, I was shocked to see 27% -- that's nuts.
@Duke_of_Prunes (EDIT: HES WRONG LOL) OK and? Back when the boomers where kids it was less than 7%. Your point means nothing. If you where born 30 years ago you had a easier chance to get land🤣
You want to stop taxes now that corporations own a large number of houses 🤔
You’ve got it figured out bro. It seems like we’re headed to a “rent everything and be happy about it” kind of society.
How large a number?
@@seanm3226 corporations owning houses in New Jersey from 2012 to 2024 went up 500 percent
@@UntoTheLaot That is why its time to pack bags and move out of the country. This crap is insane now.
@@UntoTheLaot And don't forget and eat bugs if these rich sc*m loonatics have it their way.
Problem is, where's the money going?
Overseas, yes you guessed it right… Israel and Ukraine!
overseas, scx parties, and drugs
Wasting taxpayers money in public school education and children don't even know how to read or write. SMH
Government owned dispensary that way they can make their own money without making any tax. NH is trying to do that
City Police departments. Pensions, benefits. You think all those black explorers are free?
There should be zero property tax for individual homeowners. You own your home and shouldn’t have to pay anything extra to keep owning it. Government services should be only what’s absolutely necessary and paid through sales tax. Cut government to the bone.
Yes, once the home is fully paid off to the bank, that should be it!
Don’t say that too loud. They drop the property tax and the sales tax will be 20% or some insane amount … they’ll get it from somewhere. They always do.
I agree with you. But make no mistake, we do not own our homes. We paid for the right to live on and improve a piece of land owned by the town or city. If we improve it, they get to charge us more taxes or essentially a rent. If you don't pay your taxes, you will find out who owns it.
Buy a house - you pay sales tax - every year you pay property tax - money you make - pay taxes- groceries you buy - taxes - then you retire - and pay more taxes on the money that was taxed already - forgot about the car - you buy a car sales tax - no problem - but after that every year car tax on how much the car is worth - so how many times you pay car tax on the same car?????
And one more - Trump made middle class pay more taxes every year until 2027 - and there is nothing you can do .
In America you own nothing - it's pure illusion of owning
I bet you’ll be happy to know that in socialist countries you only pay half of those, you get free healthcare, and if you ever get injured, shot, or have an accident, you don’t loose your job, you don’t become homeless, and you don’t loose everything you have.
So many people only ever contributed to society because taxes were demanded
Pretending taxes are automatically bad goes against common sense too, it doesn’t just go against Jesus’ teachings
@@SigFigNewton If you know what significant figures are, as your username indicates, you are probably 10x smarter than the OP whining about taxes. He won't understand.
Any scientist, engineer, or professional knows, if you want a modern economy, you need to have a tax structure behind it. If you want to live in Mogadishu or Afghanistan or whatever, then fine, you don't need taxes at all. Markets, left to their own devices, tend to concentrate capital. You will always end up with a Monopoly (or a de facto feudal system) unless you have a tax structure and government policy to resist that tendency. This has been true throughout ancient history.
But in the US, the corporate world has cooked up a lot of bogus "common sense" "truths" about how all market intervention is bad, and markets miraculously solve all problems... so long is you never actually think to check and see what markets are _actually_ doing in reality, markets are perfect, and the invisible hand addresses all evils. No matter what, though, don't notice how markets have failed to resolve any of our problems in healthcare, housing, and wage stagnation.
Groceries are not taxed
Don't pay your property taxes and see who really owns your home. That's why we Vote NO on any measure that raises our property taxes.
Who "we"?? Alabama? West Virginia? What's long and hard on Louisiana? Grade 4. you want to STAY in the gutter?
@@DwightStJohn-w1l Dump property taxes, increase sales/gas/utility tax to compensate for the loss of revenue, and call it a day. Many corrupt counties aren't using the extra income to give to schools. They are using the funds on wasteful vanity projects such as extravagant $20K "Welcome To X County" signs and increasing county board members' paychecks. Schools should be funded exclusively at the state level so that schools in poorer communities don't get the short end of the stick.
Goverments needs money to run. It's always the dilema of income tax vs property tax. I'd rather pay higher income tax than property tax. With high property tax you'll never be able to truely own your home and your will be expected to only pay higher property tax as you age, even if you can't work.
That'd why we need to get rid of property taxes. No one should be able to take your home if you paid for it.
@@WELVAS. Taxing income means taxing money the homeowner actually has. That is far better than property taxes. What does it matter if my home increased in perceived value because a giant new house was built down the street? I don't have more income because of that! The property developer does!
Property Tax: Money that must be paid, otherwise you will be evicted. We call that rent where I come from.
Yep, DAVOS is correct, we are just a world of renters.
Exactly what they want
If you have to pay tax on a property that you own free and clear to the town and state or you will be removed from said property by men with guns and a badge,
Do you really own anything?
@@daves8665and rejoice?
@@daves8665 A big thumbs-up here to you. Our names may be on the home deed but really, the government holds the deed. You own your car when you pay it off (in most states), but not your home.
Property tax is just a gentle reminder from the government that you don't actually own your land. 😠
Exactly! And you pay an ever rising cost in perpetuity. The government is laughing at us for letting them get away with it for so long.
Exactamente. Y sin propiedad privada no hay libertad
I would say not so gentle
@@truthsayer9534 listen, this idea of "the government" as separate from the larger population is crap. It's a democracy. We in the electorate vote for people to represent our interests and to run our collective affairs--the system in which we all live. If you don't like the results you have to be politically aware, you have to be educated in all of the issues at hand, and (most importantly) you have to THINK CRITICALLY. Unfortunately too many citizens are uninformed and incapable of the critical thinking aspect so crucial to a healthy functioning democracy.
@@spinecat This government is separate. Its run by BlackRock. The entire family works in the White House creating foreign, and domestic policy. BlackRock purchased huge swathes of property and pulled it off market to drive up prices. BlackRock have been awarded all the rebuilding contracts in Ukraine. Corporations own the government, and blackmail it!
Taxes, water, everything goes up except my salary.
You must be a non union worker 😅
You have defined Bidenomics.
@@brianspurlock-f8j taxes haven't changed for anybody earning less than 400,000. Presidents don't control water prices. Silly magots 😁
@@brianspurlock-f8j The Trump supporters always have to interject politics. I'm sure if Trump wins, everything will get fixed. Costs will just magically go down and we will get raises.
@@IndependentThinker74 LOL, if Trump actually spikes up tariffs on every single import like he says he wants to, the irony of it all is that prices will INCREASE even more. But unlike the last few years where prices went up around the world and the US was actually below most other countries' inflation rates, a Trump tariff-induced price spike would be caused unilaterally by his decision and his alone, well after most other countries tackled their domestic inflation. Oh well, can't fix stupid.
Most places haven’t actually raised taxes . They have just reassessed your property value with the high inflation. But you can bet when the price goes down they won’t reassess again for years.
In fact that happened in 2007-2010
you will never own your home. the government owns your home. try not paying realty taxes and see how fast you get a lien and a foreclosure. the elderly are susceptible to this as they get reassessed on property values, they are unable to pay the new tax hikes on their re-valued home and are forced out of their own home. talk about a serious crime.
YOU ARE A MENAL OFF
REASSESS MEAN RAISE AFTER NEW VALUE ADDED CHUMP!
YOU MUST BE A LEFTY
POOR BRAIN SKILS
Can't you request a reassessment though?
@@BobRooney290
Just the armed services cost every family of 4 $10,000.00 every year for their share of the cost. taxes are needed, I know those are not local taxes, but that is not the point
This year will undoubtedly be worse than the previous one. Because I was so concerned about my portfolio, I made poor investing decisions that cost me a lot of money last year. Though I was unsure whether to begin making house payments, I continued to invest. Ultimately, I let go of my jobs, and the house required more maintenance than I'd anticipated. How long can I continue in this manner?
Everybody has erred at some point. You ought to think about budgeting.
That's correct. With the assistance of a financial planner, I was able to diversify my portfolio across multiple markets and attain a net profit of over one million dollars by utilising high-yielding bonds, ETFs, and stocks. It is essential that you have a range of experiences, including with companies that are making money right now.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
Finding financial advisors like Annette Christine Conte, who can assist you on things like investing, insurance, making sure retirement is well funded, going over tax benefits, ways to have a volatility buffer for investment risk would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I just googled her and I'm really impressed with her credentials; I reached out to her since l need all the assistance l can get. I just scheduled a caII.
Ask where your property tax dollars have gone the last 10 years?
It’s more than likely been wasted or ended up in the pockets of politicians.
My annual statement shows where taxes go.
@@blackworldtraveler3711 so what are you saying??
@@davidbuehler5627
I’m saying my annual statement shows where my property taxes go in detail each year.
This is a common scam where they take away taxes in one place and transfer it to another. Wealthy landlords will pay less while everyday people will foot the bill by paying more taxes on goods or lose funding for schools, roads, etc.
Exactly. Property taxes are a zero-sum game. If someone gets a reduction or exemption, someone else has to make up that reduction.
This is ignorant. Homestead properties pay dramatically less property taxes than an investor which can’t file homestead and therefore never has a tax cap. My homestead property taxes are $2000 and my rental properties are more than double.
facts - it will shift tax burden from wealthy boomers to their kids/grandkids most likely
Best way to do it is buy it less on paper so you don't pay that much tax. It's impossible but it's easier if like you buying from your parents etc
There are small, long-term mom and pop Housing providers who try to keep rents affordable. When property taxes increase excessively, they may need to increase rents to have decent cashflow. Best to put a cap on property taxes. There are elder homeowners who can no longer afford excessive taxes as they transitioned into retirement, even though they had paid off their mortgages.
there's something off about property tax altogether. something about it, being that even if you've fully paid off the house and retired, your home will never technically be yours. i hear a lot of stories about homes being seized when owners couldn't keep up with the property taxes.
I was much younger and naieve, but I lost a home due to foreclosure from not paying taxes. I wasn't living at the home, I was renting it out. What bugged me the most is that the county was only legally suppose to place the information in the local newspaper and then deliver something and pin it on the door of the home. Despite them having my actual address in a nearby city, they never sent me a single piece of information about a potential foreclosure...I had ZERO idea it was going to be foreclosed on. I literally showed up one day after my renters moved out and found the locks changed and a real estate sign. It had been auctioned off, again without my knowledge. I spoke with a lawyer who said there's nothing to be done since the county technically did what it was suppose to do..i.e. the mention of it in the local newspaper (local as in city newspaper) and pinning the info on the door which was not there when I visited the property.
Highway robbery of the elderly. It is done on purpose.
slandshark What do you mean you had no idea blah blah blab BULLSHIT & you had no idea it was going to foreclosure??? BULSHIT!!! IF COURSE YOU KNOW you were NOT PAYING!!!!SO WHAT DO YOU EXPECT???? Take accountability!!! How is it a surprise when you KNOW you stopped paying!!! Give me a fucking break!!🙄🙄
Seniors should not have to pay property taxes at all, period, regardless if they have a mortgage or not.
Seniors are especially vulnerable to this
If you have to pay rent on property that you own, you do not truly own the property.This is theft!
There isn't much left in this world that doesn't involve a fee or tax.
what rent?
@@hewitc property taxes can easily end up being +$12,000 a year. Which is basically more than $1000 a month. Basically a rent for something you own. Ridiculous.
@@Mateo-hr4to If your property taxes are more than $12,000 you have a big expensive house or live in a high-end neighbourhood. Either way, the assessed VALUE of that asset is skyrocketing, which is why your taxes are also increasing.
Median property tax in the US (1:28 in the video) is actually $3000/yr. That's $250/mo. Your figure of $12,000/yr is FOUR TIMES the actual median property tax. Average home value is $500,000, so your property tax of $12,000 is closer to what you'd pay for a $2 million house.
@@Mateo-hr4towhere yall finding these 1000 dollar apartments at? 1000 monthly in my town buys you a hole in the ghetto lol.
Our government could stop giving our money away.
Where is Kansas sending your money?
@@graciefreebush394 To the Federal Government most likely who's sending it overseas to places like Ukraine, the middle east, and africa.
@@graveyardshift6691
Lolololol. Most likely?
@@graciefreebush394 Well it's either that or it's being sent to special interest groups who are 'fighting for equal treatment in the name of diversity and inclusion'.
It IS an election season though and elections are expensive sooooooo....
@@graveyardshift6691
Diversity and inclusion? Do you mean the electoral college?
Property taxes are so high, goes up a lot each year so why are the roads so crappy and schools so pathetic?
Tax theft.
You can blame teachers unions for the schools sucking.
Simple, when the billionaires got massive tax breaks over the past few decades the funding for essential services for the rest of us began to be taken from property taxes. You can't remove a huge part of government revenue then just expect it to survive with no added debt, especially when inflation(price gouging) hits and all prices increase.
@@Pickn4GoldWhat do you mean I’m getting taxes and everything is still like trash.
@@Losttimes1992 your hero Trump slashed taxes for the rich, but didn't add any new revenue, so the same programs had to run on less revenue. You voted for low taxes and no government services, you don't get to complain when it's falling apart like you voted for and we warned you against.
There should be a one time sales tax on your home when it’s purchased, and that’s it.
That would be good, but what if you have a mortgage? Would you be taxed monthly on your mortgage?
That would be a 300% + tax. Because they would tax it at the average length of home ownership times the current tax rate.
Roads would get fixed never then.
@@adanactnomew7085 thats what the gas tax is used for
@@Pete.across.the.street I was thinking of a standard sales tax rate * the sales price of the home. In Florida, that could be between 3-6%. So a $500,000 home purchase price would net a one time state sales tax of $15,000-$30,000 that can be paid net, or rolled into the mortgage. That seems a lot more reasonable than paying 1.5% of the home value every year forever, which adds up to a lot more over time. Total fantasy land though, the states would much rather milk citizens for eternity.
I bet that the state will find other “creative” ways to charge people
they will charge the poor so the rich get a free ride
window taxes
In PA the idea was to have casinos pay for property taxes…that didn’t happen.
Lowering property taxes doesn’t reduce overall taxes, it just means wealthy people pay less and poor people pay more. Typical Republican stuff
Thinking tax, breathing tax, existing tax
Property taxes do not pay for roads, that's gas taxes.
As long as these DEMOCROOKS keep putting their rotten hands inside of your cookie jar.
Wrong. States pass road and highway bills all the time. The money comes out of the general fund which is in large part property tax. You and the 17 morons that thumbed up need to stop, self-educate, and then form an opinion.
False. Property taxes DO pay for local roads and streets that connect individual homes. Gas tax pays for state and federal routes, highways, interstates, bridges, etc... States even attach tolls to some highways as a funding mechanism because the gas tax isn't enough.
@@Joe-ij6of the gas tax doesnt cover the full cost of highways.
@@Joe-ij6of Property Taxes DO NOT Pay For Roads The OP is Correct.
So Let's Educate Everyone OP.
Property Taxes Pay For POLICE, POLICE PENSIONS, POLICE CRUISERS, and When The POLICE MAKE A MISTSAKE AND ARREST SOMEONE THEY ARE NOT SUPPOSED TO, PROPRERTY TAXES IS THE SLUSH FUND FOR LOCAL GOVERNMENT. THE POLICE DEPARTMENTS PAY $$$ SETTLEMENTS With YOUR PROPERTY TAXES.
Property Taxes Also Pay for Libraries, The Fire Department and PUBLIC SCHOOLS.
YOU KNOW WHERE KIDS CANT EVEN READ AT GRADE LEVEL...
PROPERTY TAXES ARE A COMPLETE WASTE OF MONEY AND ANT-FREEDOM
All states should eliminate property taxes
All that does is shift the tax burden from the wealthy to the poor.
Income taxes.
@@bombazero2852 boy I said property taxes
@@hennessyblack5891Income taxes will just replace property taxes.
@@nancypelosi2627 better than property taxes
Our roads are crumbling, schools have gone down hill, etc. The money is going somewhere. Problem is, nobody knows where?
Foreign wars that nobody wants
I know where. My real estate tax bill shows where the money goes.
That's the problem I have with property taxes.
Loser teachers with insane pensions, public employees and fraud
The politicians pockets
Stop giving our money to other countries when we need it.
It's not even using money we have. It is creating massive debt for our children and grandchildren. This needs to stop.
You’re dame right we need to stop giving money to other foreign countries those moneys belong to the hardworking American people who did all the hard work.
Also, immigrants need to be able to support themselves, else bar them from entering or deport them. Evil Democrats trying to stuff the ballot box violating our laws.
They print that money - it's not tax money.
@@KathleenGreer-hk6yl How else will the children of israel flourish if we don't put our cattle grandchildren into servitude to them?
They’ll just replace it with a different tax. They’re certainly not going to cut spending.
Where does all this tax money go anyways, you are taxed for EVERYTHING, and the country is falling apart, and you never see the money going back into anything.
It’s going into the politician’s pocketbooks. It’s also going to help Israel and Ukraine fight their wars
Well Joe's getting 10% and when the lower level parasites take their share, there's nothing left.
And help immigrants who came here for free to live the dream..and go back home tax free rich..smdh.
Yes, we should all be asking that all-important question, but don't act like you don't know where the money is going. Well, at least lately, we know it's all going to Ukraine and Israel and a few more unmentionable places.
@@WoodyJ98yes its definitely going there.
Just ban short term rental like air Bn B and corporate landlords from buying single family houses. That will flood the market with 50 % more houses for sale
Bad for the economy though
@@DCBJ2011 wrong . Family instead of corporate will buy houses. People will go stay at hotel instead of air b n b . So it’s the same . Air Bn B will never existed if technology never existed
Also property taxes shouldnt be a thing. As long as that is in place you never truly own your land. You just a renter.
Corporations own only 2% of U.S housing market.
@@davidk4860 Renting from the US country club
Lets remove property tax on occupied homes and increase the taxes on unoccupied homes horded by corporations as investments.
Billionaires looking for tax breaks on their multi thousand acre homes......
@philipzullo
0 seconds ago
THEY DO NOT OWN ALL THE HOME
I OWN 7 ON ONE BLOCK
NOW CLOSE YOUR MOUTH
ILLEGALS GO HOME THEY COST US WITH FREE MONEY AND HOUSING AND HEALTH CARE
PRICES GO DOWN
PERIOD!
CLICK HERE AND LISTEN @1:15 HE IS A COMPLETE HALF TRUTH TARD
YES IT TIES THE CITYS HANDS SOMEWHAT STRAPPING THEM FOR CASH THEY DONT HAVE NOW
BUT THE 25,000,000 IL
We probably have, at the most, 50 or so in my state. Are you considering ALL of the commercial properties which, in most cases,
pay the same property tax rate as homeowners and MUCH more money and they send ZERO children to public school and receive
virtually ZERO other town/city services? ALL of this tax revenue LOWERS YOUR property tax way more than what you'd receive from
a relative handful, percentagewise, of Billionaires.
Billionaires aren't the problem. The corrupt government is
@@billcarney829 how many multi-millionaires? I bet it is way more than 50, 500, 5000, or 50000.
Its billionaires corrupting government.
My property taxes only pay for city employees retirement funds. They went from $1,200 to over $4,000.
yeah, the government class is the true villain here 'not' a landlord who also can only dream of the PERS...
Nightmare
One to my NY home it’s $13000 and rising for a 1/2 acre. Before you say it , it’s very red here it’s only the cities
You can Thank the Democrats for your Financial Problems, they gave Union workers $75 hr plus nice retirements, and EVERYONE will pay for this BS!
POLICE PENSIONS RETIREMENTS, and PUBLIC SCHOOLS FALLING APART KIDS CAN"T READ AT GRADE LEVEL.
It's ridiculous to have to pay property taxes every year. One time when you buy the property, that's it. The founding fathers would puke if they saw how citizens are being extorted by government
Run for local office with a few similar friends over the next few years and cut the property taxes. But be prepared to educate your own children. Most of the revenue goes to schools
So you would eliminate municipal services like fire, police, and street maintenance as well as the public school system?
@@Bobrogers99he didn't say that! Dude. Cities make money elsewhere too. Police tickets, parking meters, sales tax, gas tax. I can go on!
@@markkasprzyk3287 And yet property taxes are still the largest generator of income for local governments.
So what tax would you increase and what services would you cut to get that 60%+ replacement income gap?
@@markkasprzyk3287 Those assorted fees cover only a tiny part of the total cost of running a municipality.
This is a no brainer. Property taxes are a wealth tax on the middle class and poor home owners. Eliminate property taxes on owner occupied residences. Pay for it by raising property taxes on investment properties and the very wealthy.
How is that fair? I'm not wealthy but I do find it hypocritical to want to keep all the money that you earn but punish those who have more than you. Without them, you wouldn't have a job. If you could do it yourself then why haven't you? If others from other countries can come here with nothing and go on to be successful, then what's stopping you?
@@LadyUpstart it's fair because they'd still be rich. Reaganomics shifted the tax burden from the ultra rich to the middle class. That's why the middle class are struggling and our infrastructure is crumbling. Republicans what to "make America great again" but they ignore the fact that during the golden age they're longing for, the top tax bracket was around 90%. That's how we paid for going to the moon and building the interstate highway system. Now the top tax bracket is around 20% and homelessness is skyrocketing.
@@LadyUpstart also, there is no wealth tax in the rich, but property taxes are effectively a wealth tax on the middle class as typically, most of a middle class family's wealth is tied to in their house.
By the way, the rich are driving up home values and shrinking inventory by buying up ad many houses as they can as investment properties. This behavior NEEDS to be curtailed. How is it fair that the rich are taking away average Americans dream of home ownership?
@@LadyUpstart by the way, I'm a self employed homeowner, so there goes your argument.
@@RPGreg2600 as a financially responsible person and actual middle class person, homelessness has nothing to do with the wealthy. The information from the government themselves, that of all taxes paid of millions and millions of dollars for revenue for the government, the wealthy make up 40-50% already . Us normies, only make up about 20 something percent of all income revenue for the government. And if you actually read the articles about middle class shrinking, it is because the middle class are moving up into the upper class in this current system that you say doesn't work. My husband and I literally worked our way from poverty to the middle class/upper middler class, if we get the chance to work our way up into the next level. Why should you or the government punish us for working hard?
These frequent tax code changes are disrupting my long-term investment strategies. Are there ways to structure my investments to be more resilient to potential tax code modifications?
Tax code changes taught me to you can build resilience into my portfolio. Diversification is key! My set manager helped me spread my investments across different asset classes like stocks, bonds, and real estate so that a positive tax code cha age here can help minimize the impact of aa negative tax code change there adjustments.
I agree. Based on personal experience working with a financial manager, I currently have ($2million) in a well-diversified portfolio that has experienced exponential growth from when i started. It's not only about having money to invest in stocks, but you also need to be knowledgeable, persistent, and have strong hands to back it up.
Recently, I have been exploring the possibility of consulting with advisors. As a mature individual, I am in need of guidance, but I am curious to know how truly impactful their services can be?
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Sharon Marissa Wolfe for the last five years or so, and her returns have been pretty much amazing.
Thanks for the advice. The search for your coach was simple. I investigated her well before using her services. Considering her résumé, she appears competent.
Tax should definitely capped. Government spending needs to be capped too
Agreed. If nobody is willing to slash budgets. Just freeze spending growth.
Bobby Jindal tried doing this in Louisiana, slashing every single budget he could. The result was poor public services, schools, and long wait times for public works maintenance and repairs. And on top of it all he was left with a $1.6B deficit.
Look up that case study. There has to be a balance. I'm sure we'd all like to pay no taxes but think of all the work that's required to get clean running water to your home, electric, internet lines, roads, emergency services, etc.
@@DaveP-uv1ml The top 1% of earners in the US paid more than the bottom 90% combined, so quit believing the garbage you're being force fed. It's not greedy or evil to become wealthy, you and 49% of America are trained to believe anyone making more money than you should have to pay half of their earnings to the government because they're greedy and evil. Complete nonsense. That "sweet deal" you're talking about states bidding on corporations to set up headquarters in their state so they can hire tens of thousands of salaried workers, which lowers unemployment meaningfully and serves as an investment in their state as those tens of thousands all pay state income tax in almost every state, as well as the velocity of money it causes in the state. The entire economy in an area gets better when a corporation moves in and hires a ton of people so they can then spend that money locally. You've been lied to. Free market capitalism is good, not socialism. The rich are overcharged, not the other way around.
so letting the rich have more money to manipulate the government and the stupid?
In Florida you can Homestead your primary residence. That limits the amount of increases in taxes every year. In results in new homeowners subsidizing older home owners.
Quit allowing churches and colleges to avoid real estate taxes.
Crabs in a bucket mentality. The goal is less taxes, not more, no matter who.
What about TEMPLES?
@@rentslave What about Mosques?
Please consult Revenue and Taxation Code 206. This Code would have to be eliminated or changed.
@@bosshog8844maybe for you I think the rich need to be taxed exponentially more than they are now
$2943 a year in property tax?! Try living in New Hampshire, that'd be a dream come true!
Ahh yes the "live free or die" state. Where they tax you to the grave.
I pay over 13k a year on property tax in Texas.
Texas is high
@@michaela7114 doesn't count because you texans have income taxes waived...try living in NY and complaining. i pay 1k a month for property tax, 29% income tax, 300 every month for medical, 400 for social security, oh theres state and city taxes too for income forgot about that....I also pay sales taxes like everyone else...this is insane...
@@jinsu0504 a lot of times it's relative to income. I live in Minnesota. I pay $2400 a year in property tax . Still a lot of money when a person's gross income is $30,000 a year.
There should be homestead and that should be raised. Seniors should not have to pay if their home is paid off.
Most states do have a homestead exemption and elderly tax exemption
It’s not enough. Homestead needs to be raised across the board homes are 50% more now in most major metros and all states need to do something for the elderly.
Only if it's paid off so again it's do everything for the rich of it f*** the poor great attitude
Seniors don’t pay enough as it is
They want to eliminate property taxes, now that Blackrock, Vanguard are dominating the housing market. So of course, the law would will only apply to certain 'types' of properties.
I never understood property taxes if you own your property.
That's how they pay for the services you get in your community like schools, libraries, trash pickup, emergency services etc. Nobody works for free.
@@bobwoods1302 Exactly. If you want a school and parks where you bought your home, then you need to pay a "fee" for that area to have those things. I agree taxes are way too high for what we get.
@@bobwoods1302 schools, libraries, trash pickup, emergency services are never free in the beginning? what are you actually talking about? You pay those fees on top of the property tax.
it can keep people from hoarding homes for generations
Democrats came up with it
Would be nice! The fact my grandma had lived here for 50 years shouldn’t have to worry about losing the house she built and worked for so hard because of property taxes which keep going up when no one can afford it
Without a doubt, this year will be worse than the last. I lost a lot of money last year as a result of bad investment choices that I would not have made if I hadn't been so worried about my portfolio. I kept investing, but I couldn't determine whether to start paying for a house. In the end, I sold my positions, and the house needed more work than I had planned. I'm not sure how long I can keep going like this
We've all made mistakes at some point. You should consider financial planning
Do you mind sharing your financial planner ?
You bots are getting good!
And they are getting aggressive, you finding them hawking their wares on almost every comment section these days
Downsize to a more affordable State, County and City.
I thought the fuel tax was for roads 🤷♂️
It is.
No this needs to be only for primary homes not investment properties !
Eliminating the food tax would help people with lower wages.
My state doesn't tax food.
We need to decrease government waste and spending like why keep throwing more money on the fire
We need to decrease the bloated military budget we need to decrease Police department budgets that is where we need to cut spending
@@mikenelson3632 I agree it’s so dumb spending money on our veterans and safety plus having safe neighborhoods is not what America was founded on
@@mikenelson3632 and I think we should increase politicians salaries so they can trade more stocks as well as give more money to Europe so they can have socialized healthcare and we pay for their military too
@@eastcoastgrowshow8495 the military is only there to be an economic and religious imperialist Force at this point. As for safety in the police do not provide that the police protect property they have nothing to do with safety
@@eastcoastgrowshow8495 I'm find with spending money on veterans not fine with spending hundreds of billions as gifts to defense contractors
the idea is silly in itself. why should i have to continually pay taxes on something i own and already paid taxes on when i bought it. You will also pay taxes when you sell it to.
Easy. Six figure politicians, corrupt cops, programs that give money away to losers and illegals, corporate enticements, etc...the list is long.
Because there are teachers, police, roads, etc to pay
@@ThomasShelby-xz2fk So folks that rent don't pay for any of those services?
Because the state, municipal and county infrastructure that you count on to be able to drive to and from that paid for house, and to protect it with police and fire services, need ongoing funding. The people who provide those services cannot afford to feed their own families if they work for free.
@TakenTook so what does my sales taxes do? Sounds like the government has a budgeting problem.
Will this have a positive effect on the housing market? If you were to put your money in either housing or stocks atm, which one promises more short term?
This isn't the best place to ask this, but it has got to be Stocks... Of course, you have to be well informed on the right ones or better still, get an F.A to handle it for you (that way, you minimise risks). Made my first million few days back from the Nvidia rise without having to do much unlike with Real Estates where you can wake up to a call by 2am to complain about a leaking pipe.
why not both? diversify!
ANTHONY_esq Thanks. I think I need one. What are the steps for getting a decent advisor
You should start by looking out for those from known firms and good track records. You should also make sure the person is licensed. Personally, I use Kelly Matwick. She's good and you could also look her up.
Wow!!! Its really a small world. Met this lady at our country club weeks ago
Nobody is worse than NJ. In 2010 I bought a home for $250,000, The taxes were $4000; By the time I sold the house in late 2015, it was worth $255,000 ($5k more) but the taxes had risen to $8500. During the same period the HOA went from $1200 to $2500 annually.
😮😮😮😮😮 my heart just palpitated
HOA😂
I live in NJ and second that.
Lul. Hoa is pretty much a secondary tax that when increased doesn’t benefit your neighborhood either. They keep telling you it upholds value but we all know it doesn’t do jack sht
Nobody's fault but your own, when you can easily grab a few friends and run for local office to cut the schools and make people educate their own children
Most of the property taxes g to schools
Reducing property tax will shift the tax burden to renters and low income people.
It will.
Exactly. California did this for the last 50 years and the results are abysmal. It's a regressive tax that gives huge breaks the homeowners (the richest people) while transferring that burden to the renters (the poorest people). Why does Kansas want to become more like California.
A high property tax on a rental gets passed on to the renter……raise the property tax just equates to higher rent…
I am ok with that. The poor should pay their fair share.
@@Mkundera We're discussing whether or not to give wealthy homeowners tax breaks. How about we don't give rich people tax breaks and then everybody pays their fair share.
It's not about homeowners being unable to afford $750 a year, it's about saving real estate investors millions.
That is why single family home owners shouldn’t pay but if you have rental business and more than one home you should pay.
@@roxyanne.greinerAgreed
750$ a year? I’m at 10x that…get a clue.
@@Thewatcherinthering336 And you expect an increase of more than 10 percent in the coming years? For a property tax bill of 7500 per year your home is worth north of 500k. You can afford an increase, but you're a greedy POS, so instead of paying property taxes you can afford you'd rather have property tax capped or eliminated and for that revenue be made up through sales and other taxes that disproportionately burden people who have much poorer opportunities for income than you do. Again, despite the propaganda you consume, property tax caps and the elimination of property tax isn't to help upper class POS like yourself, it's so real estate investors who direct public policy can save millions of dollars.
Thats less than what i owe for one year of car ownership. YOu need to add a 0 and make that a yearly expense.
If taxes go up so high and fast that the elderly can't get by and have to leave. This is the sign of an F'd up society with ithe wrong priorities
However, this must be for private family home owners only, not for the likes of Bill Gates, etc.
What about seniors. My house I bought in 1998 now has an assessed value more than 2.5 times what I paid but my Social security didn't go up by that much.
that's the scam... they inflate property values so they can collect more taxes....
sell and get something more appropriate. it's likely too much house for you anyway
@@nottheone582it will only make sense if they can carry the property tax over. If their home is paid for it's insane to sell and then move to a more smaller home and pay more.
it's time to sell your house if it has appreciated so much.
Linda, good luck to you!
Our pay has not gone up to match property TAX. Our home we paid $122k is now valued at over $600k in a decade. People keep saying if you can not afford the Taxes maybe you should sell and move. move to where????? This last 3 years has felt like we are just being robbed at every corner.
SOunds like you need a better paying job. Don't stay in one that doesn't pay enough.
@@Pete.across.the.street I'm a uneducated blue color person above 57 that has no job. I retired. I should not need to go back to work at 57 to cover taxes on my home that have increased do to mega inflation and the theft and greed of democrats. stop using my tax money to pay off collage loans that I did not take out, pay for illegals that come here illegally and give them a free ride for doing nothing, giving my tax money to Ukraine for a war that we have nothing to do with.
@Pete.across.the.street that doesn't always help bro. Jobs are not keeping up with the taxes and rates
@@Pete.across.the.street Like go work at McDonald's as a 2nd Job for $20 an hour. you are a moron.
@@Pete.across.the.street if you have a family, you just can't be uprooting and moving every 2 to 3 years, you 40 IQ bootlicker
It doesn't make sense to pay taxes on unrealized gains & that's what homeowners are doing every year their home values are assessed higher. There is no correlation between a homeowner's income & the value of their home. You can own an asset that increases in value. That doesn't mean you suddenly have more money in your bank account. That's the illogical assumption the property tax system makes.
Many states have limits on how much your taxes can increase from one year to the next.
@@AR-rn8ok yet they are going up year after year. Hence why many want a CAP
That is a problem of your own making. You don't want high property taxes, that's fine, then move where the land isn't valuable. But then you won't have schools or paved roads or police or EMS or libraries or parks or city water. You know, all the things that are paid for by property taxes which you so badly don't want to pay.
@@mariusfacktor3597The issue brought up is very interesting. Outside of property tax, no other tax is collected based on unrealized gains. If a property value decreases, one has to fight tooth and nail to have a lower property tax bill. Many people have bought in modest areas but due to factors outside of their control, their property values have risen. The original author makes a very valid point in that asset value does not necessarily translate to bank account value.
@@bradg.5253 If you're house appreciates rapidly, then you can always sell it and become wealthy. I don't have much empathy for wealthy homeowners wanting tax breaks. There are many people who are actually poor who actually need help from the government. Most of them aren't homeowners.
So capping rich people's mansion taxes, while the person in the apartment picks up the burden is A OK but student loan forgiveness? Why should the rancher pay for your student loan.
What hypocrites!
There need to be a cap on home insurance too. That has become ridiculous amount too
My state (Michigan) depending on the city. Property taxes is a 2nd mortgage.
Im in Michigan too. Property taxes are so bad that renting a small apartment is honestly the best option here.
I’d welcome lower property taxes. People would invest more in Detroit and Wayne County if they knew their profits wouldn’t be eaten up by the government.
Hold my beer, NJ homeowner here!
are these lobbied by all these corporations that own these homes...
Annual property taxes should be illegal
Seniors should have no property tax as long as it's their primary residence.
I live in Indianapolis, Indiana and my property tax went up 69% last year. It cost me over $400 extra a month. Unbelievable.
How? I live in Indiana and our state constitution has an ammendment that only allows property tax to be set at 1 % of the value of the home. So, either the value of your home also increased 69% or it's not a single family home. Been this way for years.
Does anybody remember Prop 13 in CA? It was not a good thing. Several things happened:
1) Increases per year were limited (well below the increases in property values). That led to an increasing "grandfathering" effect. Existing homeowners had cheap rates, then when somebody else bought the property, they were hit with rates calculated from the actual property value.
2) The proposition was sold on the idea of little old ladies being taxed out of their lifelong homes. In actuality, it was done to save big corporations money on the land they hold.
3) The state increasingly helped itself to property tax money. Cities and counties were left scrambling for what was left. Local services and road maintenance have been hampered ever since.
4) Endless exceptions had to be made as things went on to make things seem to have any semblance of fairness. Every couple years we can count on having a proposition or two to modify what was done.
5) Now that the tax cut is entrenched, there's no practical way to just "get rid of it".
If taxes seem to go up for no good reason, we need more transparency over how they're set and hold people accountable. Knee jerk reactions like Prop. 13 don't solve anything.
Good summary but you left out one thing: Prop 13 made housing prices skyrocket. No property taxes would mean the same in Kansas or wherever, and people would just pay more for their houses.
We do need caps on property tax increases in Kansas, though. Our property taxes are sky high and the money doesn't seem to be invested in better schools or better roads; mostly, it goes to a bloated bureaucracy.
Adding on, due to prop 13, schools felt the hit of capping property tax as school quality fell drastically in the 1980’s as obtaining more resources became difficult. Also, it was noted by Redfin this year that a lot of CA homeowners are staying longer in their homes due to prop 13, which is causing low inventory of houses on the market only adding more to the housing crisis. Why move when I would get hit with a larger property tax bill on a new house?
Just came here to make sure someone mentioned Prop 13 and the disaster it’s been here; thanks commenters!
This is complete nonsense. State and local governments in California waste huge amounts of money. The idea that if property taxes were higher would lead to lowering of other taxes goes against everything the democrats who run this state believe in. Prop 13 has been a very small brake on an ever increasing tax burden in this state.
@@nanoc.2103California schools have had record funding for years. Their poor performance is not due to a funding problem.
Just freeze the property taxes at its lowest number in the last four years. If the lowest was in 2019 then freeze it at that number until things get better.
We need to eliminate then because my mother in law lost her paid for mortgage over property taxes. She is a senior citizen! This makes zero sense.
Where
That's why older people downsize. They usually don't need all the space anymore and the taxes keep going up. So they sell and move to something more modest. It's extremely common. If you don't do it you risk losing the home. Actually the home is sold and the town gets the bcack taxes and the owner gets the rest of the money.
@@hewitc That's WHY YOU DON'T OWN ANYTHING AND NEVER WILL IF YOU HAVE TO PAY A YEARLY TAX ON IT. YOU DON'T OWN IT.
What a BS story title. A cap isn't eliminating.
Some states are looking to get rid of property taxes altogether… like it says in the report
@RudieObias fine, then focus on those states and don't waste time starting with states that are capping and not eliminating taxes
@@teeconsigliano7631 The title is accurate to the story. But I'm sure your degree in journalism as gotten you far in broadcasting
@RudieObias Not for the states just capping taxes. Just facts, no need to get personal 🤣. Bye.
Instead of eliminating or reducing property taxes. Why not eliminate or reduce foolish spending?
How do you intend to do that ? How are you going to End Wasteful Government Spending ? You Can't.
Property taxes are too high and should be eliminated!!
Why not income tax? Wouldn't be surprised if no rents drop and that it only helps those who are wealthy enough to even buy a home nowadays, or who already have a home.
No taxation without representation and i don't feel like I'm properly being represented. This country is going down the toilet, by those saying that this country is going down the toilet and yes, I see the hypocrisy in that.
Yes, myself, and many others can also be blamed for why this country is going the way it is.
Thank you! They want the rich to get richer and the poor to get poorer. Stop income taxes on anyone making less than 50k a year cause there the ones who are really struggling to get by....
But then Karen can't take her kids on a 5th vacation and buy them new iphones for xmas
oh yeah. landlords will take the tax cut and still jack up rents next year.
@@carmens1996dude stop. If you feel you should be exempt from taxes because you are too poor then a fair trade would be you shouldn’t vote ( unless you served in the military). A lot of poor people voted for Biden thinking they’d get free stuff yet have no understanding of how an economy works. Democrats kept passing large spending bills after COVID when all they had to do was open the economy and stop the lockdowns. Those two additional spending bills Biden passed added heavily to inflation and weakened the dollar. The average American is ignorant and all you have to do is say the other side is racist and we get Biden and the democrats. Secession is the only way forward
So they want to eliminate property taxes from people with money and home equity and passes the taxes on to the people that dont have money to buy homes?
Pretty much
Basically 😆
It’s that or these states are going to ask the Federal Government for money to fill the gap. Then that means states with property taxes would pay for the states either way no prop tax.
Exactly. California did that 50 years ago (Prop 13) and it turned out to be a disaster. We have the worst housing crisis in the country while wealthy homeowners pay next to nothing. Why on Earth would Kansas want to replicate California in this regard.
@@mariusfacktor3597 Jeff Bridges pay less tax on his Malibu Seaside Mansion because he inherited his mom’s property step up tax rate while if you buy a home today you’re laying 5x more than him 😱
it is actually a very effective wealth tax. not surprising that progressives are fighting to eliminate it for the benefits of the wealthy. everything they do always benefits them despite their “eat the rich” supposed agenda.
Imagine having no kids, yet paying for other people's kids.
That's what I always say lol. Forcing others to take care of your children means you're a POS.
I've been doing that all of my adult life. It gets old. Wish people who bring kids into this world would pay for them and not expect for the rest of society to do so. What's with this "personal deduction" on income tax forms? Just another subsidy for other people's kids.
Schools should not be a socialized benefit. Libraries, yes. A few thousand police to capture the 20,000 murderers yearly, yes (only half actually get caught). I don't personally want to put out fires 🔥 by myself. Things like this are reasonable.
Beyond this, things are getting ridiculous.
@@economicdevelopmentplannin8715 Fires are rare. Generally speaking, fire departments are a racket.
Socialism at its finest
Property taxes should be taking off completely
But first: schools, roads, etc. should not be paid with property taxes.
And get rid of the fire department and ambulance and teachers unless they agree to work for free. Cops can live off the tickets they will start righting left right and center.
@@bobwoods1302Actually there are some countries that have no property tax.
@@june6280 Ya like Ethiopia 😂🤣
we get tax literally every step of the way. If your state needs property taxes. Sounds like they need to budget better. Having to pay property taxes mean we will never truly own land and buy extension your home.
We do not have a housing shortage...we have a severe shortage of affordable housing.
How can you just get rid of it? I'd love that, but where would schools get their funding? Wouldn't this also cause houses to go up in price? I feel like they really need to lower housing prices. Unfortunately the only way I can think of doing that is by adding more homes on the market.
Lottery
The burden will be shifted elsewhere e.g. state income tax, or sales tax. Assumedly funneled back down to local govt.
Create a sales tax, would still be cheaper since everybody pays and people who buy more put in more.
Probably motivated to break local school funding altogether and allow the state and federal governments prioritize funding of inner city schools.
@@MWMWMWMWMWMWMWMWWWMMMWMWMWMMWM "he makes his money through stock payouts that are capital gains and easily offset." tell me you don't understand the tax code without telling me you don't understand the tax code
What’s important to keep in mind is that property taxes can make up roughly 40-50% of a city’s revenue. Taxes will have to increase elsewhere to make up for that lost revenue. If people think their city is run poorly now, imagine if they had half the money. I think what a lot of cities need to do is reconsider how the money is being spent. People don’t have a problem paying property tax if they feel like their tax money is actually being used wisely. If people in a city are paying property taxes and the city suffers from crime, poor road conditions, slow city services, etc., then they’re going to be upset with paying taxes. Having worked for a city, we made sure our roads were always taken care of, our public services were quick and effective, our parks were clean, and our citizens received excellent service when contacting us for help. Because of this, we never had too much of an issue when it came to raising property taxes. The citizens felt like their tax money was actually improving the community and their quality of life.
What i'm curious about is when your property taxes goes up over 40% in 5 years what do they do with all this extra money? They still pretend to have nothing and ask for more from their citizens.
Sprawl is built because the cost of consolidating land and construction of complex structures in core areas is far more than the cost of buying greenfield land and building cheap cookie cutter homes and strip malls. Unfortunately, local authorities do not take the simple step of requiring a break even property tax to servicing cost balance in the long run for new developments. As a result, sprawl developments become money losing entities for local governments.
In short: short term profit for developers is prioritized over long term losses for taxpayers. Suburbs were never affordable and either you pay for it or it degrades over time like Levitttown where property tax on a 1950's 1300sqft $400k house is over $13k a year.
@@kronos6460eye opening excellent points. So building in the inner areas is more pricey?
@kronos6460
Yikes. Even property tax rates in the NYC suburbs aren't as high as Levitttown. ~0.9% for NYC residential compared to ~2.24% in Nassau County. While NYC is known for wasting money, just where the money in Nassau is going?
@@Cyrus992
Just the red tape that comes with having a bunch of neighbors. Even if environmental reviews aren't a thing, you can still get lawsuited from the Karen next door
@@Demopans5990 EXACTLY
Income tax and property tax are bogus. Sales tax is fine
Property taxes should be based upon the purchase price of the property, not what the value of the property is. Supply and Demand is stupid to use to collect taxes. If I buy a house at 140K 12 years ago, it should be the same amount every year since then. Mine has gone from 1800 dollars a year to now almost 5K in these 12 years.
If you own your home and is payed off you should not have to pay taxes… it’s a scam to waste money
*paid
I am pissed that I must pay property taxes that include schools when I never had kids. Taxes are wrong period!
The last time I checked when we had less tax was never.
Property taxes are a crazy concept. If your home goes up in value, it's an unrealized profit. You don't get taxed on stocks that went up in value if you haven't sold it.
But everybody's home in any given area goes up about the same % . So when they are splitting the budget between all the residences, it should come out roughly the same.
How about stop raising them or reduce them at least ! If eliminating them is not possible !
Don't worry, sales and income taxes will go up.
Gotta fund those six figure politician salaries somehow.
To be fair, the Republicans don’t like to raise income tax. If they did, people would abandon them fast
Let me guess, breaks for the rich? $300k or higher homes?
Due to Biden's inflation, many homes are climbing in dollar 💵 value
sounds like the Republican's plan
@@cactustree505 ok, Democrats should counter with a property tax hike.
You can buy a house for less than $300k?
@@richardhenderson1902 Yes. Just not in the ripoff states. Not bad areas either.
So what services do you want to cut? Sewer, schools or emergency response
Laughable to think that the pigs would ever cut their salaries or stop militarizing themselves with MRAP and rocket launcher or whatever they're on now. It'll be schools, and then indoor plumbing, and soon you'll have to make your own electricity like a favela slum!
Bureaucrat salaries.
@@missmartyjackson are there bureaucrats who get paid for not doing much? Sure. But it is hilarious that people think they can cut 30 or 50 percent of government staff and expect their standard of living to stay the same. Why has there been no large terrorist attacks on US soil since 911? Because of tens of thousands of intelligence agents who might "just be bureaucrats" in your eyes.
This guy thinks that’s what tax money actually goes towards lmao
@@FundyisleLegacy What pays for those things then, smartass? Money from the void? You KNOW those are the things that get cut first.
It's needed. I pay almost 20k in property taxes. It's ridiculous.
How much is your house worth?
@@Eddy12383 500k
What state?
Let me guess CT? I when I lived there I to pay $500/yr just for the the taxes on my old 2014 Ford that was bought and paid off in Iowa. Even after I returned my plates they kept taxing me for my car…
You must be from Texas, NJ, Long Island NY, NH, or CT
How will city councils fund their retirements?
They need to get a real job. Roofing, carpentry, plumbing. No paper pushers for life.
Thereby taxing people who are poor out of proportion (sales) no.
It would help millions of citizens to cut out property taxes.
You mean corporations don't want to pay taxes on the property they owen. Pushing the tax burden on to residents.🤔
The problem here is our lobbyist-beholded elected officials, and BOTH parties are guilty of that. Democrats give corporations tax breaks also, and the difference is ALWAYS made us by we, the taxpayers peons.
BLACKROCK, and Berkshire Hathway wants to buy your house and leave you HOMELESS !!!
Corporate/investor owned housing - - if their property tax goes up, they will pass it on to their tenants via higher rent. No way around it harming tenants.
Keep an eye out on companies getting property tax breaks. They're almost always soon followed by higher property taxes overall
@Demopans5990 Yep! And there's usually ALSO always an increase in other taxes we pay (i.e. sales tax, real estate tax) to recoup any lost tax revenue from eliminating property tax. Very insidious! Taxation is literal theft!
If I buy a home and its paid off, I should not need to ever pay the government to continue using it as a home.
If you use the roads that go to your home, have sidewalks, streetlights, sewer, electrical/gas/water grids, police dept, fire dept, etc... someone has to pay for that. The most fair is for the people who are actually using those services pay for it.
So long as you don't use roads, sewers, or any infrastructure whatsoever
@freedomoffgrid oh wait what
Eliminate property taxes period on anyone's first home. Taxpayers are tired of paying fot useless programs that never benefits homeowners
The fact that they would say it would lea to a "spike" in income and sales taxes goes to show that the real problem is government, and their runaway spending.
No one likes property tax, but the money has to come from somewhere. If the goal is to get the most from the people with the most money, it seems to me a higher income tax (with no exceptions) would be the best way. Someone making a lot of money, but not spending much and/or living in a less expensive house would not pay as much in taxes.
@jameswalker590 The US prints money, please think outside the box. Why would the gov need to tax people when they issue the currency to begin with? It's silly, the gov can just issue money, pay their employees and it prints as much as it needs to cover their costs plus production in the economy to avoid inflation, deflation...and rethink the credit system. Other countries in the world don't tax homesteads, please think about this.
Nobody going to ask how this worked out in California?
California has high state tax
I only pay 1,400/yr property tax for my primary residence on several acres and my income tax doesn't come close to what I save considering how much my property is now worth.
Why would anyone ask about that....
Look at Prop 13 and the CA state deficit right now. CA has a large tourist industry and many large industries. The majority of residents in these states where they want to eliminate property taxes are low-income and don't get many visitors. They don't have thriving industries to sustain having no property taxes.
California has a housing shortage as a result of Prop 13 (the law that caps property tax) because homeowners refuse to sell when they get massive subsidies from the state for holding on to their house. Capping property tax is a REGRESSIVE tax because it gives tax breaks to wealthy homeowners while making rent more expensive through the housing shortage that it creates. I have no idea why Kansas would want to make itself more like California in this regard. Horrible idea.
Everyone who resides in an area should share the burden, not just property owners.
@@SouthernAngler That is a convenient myth. Fuzzy math.