Quote:
Originally Posted by hillbillyreefer
And with the 15-20% appreciation/year in the value,that’s $150-200000 in profit/yr. Who cares about 1% that’s not even a blip in the grand scheme of things. Like I said 1% isn’t going to slow anything down, I’d wager it will heat things up, greedy people recouping their taxes.
Most likely the assessed value for property taxes is years behind the actual value, so the 1% is an even smaller part of the overall investment.
Politicians pandering to the stupid while actually doing nothing.
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People care because they have to pay this tax OUT OF POCKET (with after-tax dollars) while their real estate appreciation is an UNREALIZED gain (until they sell the house).
Lots of people don't have $10K sitting around to give to the city each year, regardless of how much their house is appreciating.