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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Mr. Sunshine who wrote (10950)6/2/2003 6:52:34 PM
From: Lizzie TudorRead Replies (2) of 306849
 
If you buy a house for $100K and it goes up in value to $1M how much does your standard of living improve? Other than bragging rights, it changes things Zilch, Nada, None! Same if the price goes down. Change in value of an asset is only realized when that asset is sold. Even the IRS pretty much understands that much! So why should someone's taxes increase 10X (in this example) when they recieve no proportional benefit?

I don't agree with you, but just for arguments sake lets say I did.

The problem with your argument is that there is an underlying assumption that we live in an inflationary society and "freezing" ones property taxes at some locked down amt means that even if the property didn't hyper-inflate, you'd still have people paying less than their share for services they use eventually. And that is exactly what we have, except guess what, properties did hyperinflate (which is of course a result of "freezing" the current owners costs to 75 levels) and now an entire generation of freeloaders is sucking off the new residents. These people use public services but don't pay for anything. They whine and cry because they are "house poor". Boo hoo. Just take their house and index it to standard inflation, the same amt of basic raise they would get in an inflationary society. They don't even pay that in their property tax rates.

Ask any 25 year old if they want to trade their 75K/yr job with someone with a smaller income living in a million $$ house with no taxes vs. what they will pay for a house that costs half as much, and see what your answer is.
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