Submitted by Old_Ad_1301 t3_z6k2tj in vermont
Thick_Piece t1_iy1ury7 wrote
Investment properties are taxed to the highest amount. That is one of the reasons rent is higher then it should be.
I do not own investment properties.
pugglepupmom t1_iy24lky wrote
This is incorrect. In VT, commercial properties are not taxed enough, on purpose, as a way to attract industry. This "highest amount" is nominal -- a 0.015 difference in rate in Burlington. Rent is higher than it should be for many reasons, but property taxes is not one of them.
Old_Ad_1301 OP t1_iy1uzp5 wrote
Well apparently its profitable
thisoneisnotasbad t1_iy32sjc wrote
It is profitable, but it needs to be because as a landlord, the rent you are charging needs to cover not only the cost of the building but putting away for needed repairs. The tenants does not pay to fix a broken Furnace at 2:00 am, a leaky roof, a new appliance or taxes and insurance which are high in VT.
They are taking all the risk, they should get some reward. All the people saying the mortgage is only... have no idea they base mortgage costs are not even nearly close to the cost of owning a home.
Loudergood t1_iy60mof wrote
There were landlords making bank when rents were a fraction of what they are now.
thisoneisnotasbad t1_iy618rh wrote
And for those who don’t get a subsidy, property taxes have increased about 4x in the past 15 years. Comparing rents from “before” to rents now without taking into account the increased costs and risk of renting now to “before”
Look at the democratic Burlington candidate, she owns a rental and lost the security deposit after a tenant moved out mid lease because her letter said you can appeal to the housing board but didn’t explicitly say you have 30 days in the letter.
Loudergood t1_iy67usy wrote
The risk of losing a security deposit? Give me a break. And rents have also increased about 4x in the last 15 years. Anyone who owned their units back then is absolutely taking it in now.
thisoneisnotasbad t1_iy6a08r wrote
Yeah, you are out a chunk of change over stuff like not explicitly saying 30 days. Renting today is more risky than before. Shit like the inability to evict make it dangerous enough that you need to cover your ass.
Is a place like Burlington I assume the general sentiment is who cares, im renting or college kids or UVM kids who decided to stay so fuck it, soak them. Get out of chittenden county and shit is more affordable.
somedudevt t1_iy1x0r2 wrote
They aren’t taxed to the “highest amount” the highest amount is theoretically infinity… they are clearly taxed to an amount that is less than the level that would result in the landowner selling the property. For any property being used as a short term rental there should be an annual tax of 100% of assessed value. That would get them on the market, or in the rental pool very quickly. It would also help the people who run hotels and motels stay in business as they hemorrhage guests to ABnB.
o08 t1_iy27p1a wrote
I’ve always thought that hotels and motels that can’t compete would be the best candidates for affordable housing.
Loudergood t1_iy6110m wrote
This is done a lot and I feel like it's not productive because ultimately vacationers and residents are competing for beds and this does nothing to increase the available total. Fewer hotel beds=more demand for Airbnbs
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