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20 sats \ 3 replies \ @Undisciplined 8 Apr \ on: Americans Have $35 Trillion in Housing Wealth—and It’s Costing Them econ
Property owners are taxed because their property is a sitting duck. It's the easiest target for the state to go after.
We also don't have national property taxes, and not every state has one, but it's very common for localities to tax.
We also don't have national property taxes, and not every state has one, but it's very common for localities to tax.
I remember we've discussed about it before as well. From this article I've come to know that property taxes are so high there; which is kinda shocking to me because I've never paid a single buck in such taxes here. I own some farming land which doesn't have any taxes whatsoever, then I've a house that doesn't fall under the municipality. So, my question is - do Americans also have such concessions or somehow is it possible to evade property taxes there?
Another one is - What's the general public attitude towards property taxes there?
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There are a very limited number of such places in the US. The only ones I'm aware of are a few unincorporated areas in Alaska. I believe Alaska is the only state where some of the land is not part of a county or municipality and the state has no property tax.
People generally just accept property taxes as part of life. However, we do know from the migration literature that people move away from places with higher property taxes, in favor of places with lower (that goes for all taxes, btw).
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People generally just accept property taxes as part of life.
That's not the general sentiment here. It is partly because property was given a fundamental right by the constitution and it is clearly stated that if any property tax is levied India, it must be on the rental value/income of the property. This makes it similar to income tax. This means If my non agricultural property generates me an income of less than $15000 (approax.), it's exempted.
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