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theblondepenguin OP t1_j9jcw5b wrote

Reply to comment by throwingutah in Henrico county assessment went up almost 25%…. by theblondepenguin

Yep, the house 40k and the dirt 33k. Interestingly I it’s unrealized increased value, I don’t benefit from value but I pay for it.

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LoveOfProfit t1_j9jmzns wrote

Funny that an argument against a wealth tax on billionaires is that its unrealized gains, they'd have to sell stuff to pay for it, etc, but somehow that's not a problem for normal people with a house you get taxed on more and more.

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turnipmeatloaf t1_j9jmrih wrote

Yup that’s how wealth taxes work. Real estate taxes are just wealth taxes on the middle class

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theblondepenguin OP t1_j9ju095 wrote

It is going to hit the lower middle class the most, because landlords are going to pass along the extra cost to the renters who have already seen substantial increases in rent. Pair the increasing rent with the real estate investment trusts and property managers buying up all the property they can homeownership is going to seem more out of reach then ever.

It also drives me bonkers that these companies are in the best position to take the tax advantages that we pay for, in the form of subsidies for eco-initiatives historical preservation,subsidized housing among others.

If they really wanted to help the middle classes they wouldn’t charge property taxes on single family primary residences (even if it is limited to property under a million in value) and increase the price on single family residences that are income producing. Unfortunately it wouldn’t stop the cost from going to the renter but it would at least stop punishing the homeowners for the positive development of an area.

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plummbob t1_j9ko353 wrote

Taxing the rental market more wouldn't lower prices and would worsen the problem you're trying to solve.

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theblondepenguin OP t1_j9kxkz6 wrote

Hence the last paragraph, we can’t solve all the problems that shouldn’t stop us from trying to solve any

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turnipmeatloaf t1_j9jxhky wrote

I would like to see a progressive real estate tax system. Like, one where houses over a certain value have higher tax rates and those with lower values have lower rates.

But I guess the rich would never let that happen

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theblondepenguin OP t1_j9ke2nq wrote

That would require the politicians to work for the people rather then themselves and their donors

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