LogFAQs > #939104719

Just more money for government to fritter away.

blu posted...

Every once in a while I think I could afford a $1,000,000 home (probably move to an area where that would be maximized), but property tax seems like it would basically kill the desire for me. Even a $300,000 home seems like an awful deal with property taxes.

You could if you made more.

Krazy_Kirby posted...

inheritance tax is worse

Yeah, the concept is fucking insane, since that money has been taxed multiple times already. But that's government for you, it just keeps clawing and clawing and clawing until nothing is left.

Dynalo posted...

People also don't take into consideration that renting tends to be far cheaper (I admit, this is really region dependent), and if you use the excess money to invest, you can sometimes end up further ahead by renting a cheap place. If my payments are 2k a month less and I invest all that money, if I can get 5% return on it, that investment portfolio will be worth well over $1,000,000 after 25 years, likely ending up with more money in my pocket than if I bought a house.

It really depends on the area and market. It's generally cheaper to own than rent.

Dynalo posted...

But houses are much much safer investment tools, and kinda force people to invest their money, so it's the right fit for a lot of people.

It's really not, and it's scary that people still believe this after multiple housing crashes including one that decimated the economy just a decade ago.

DarkProto05 posted...

I agree, property tax is stupid if it's your primary home. Property tax should be waived or at least drastically reduced for one's primary residence.

...property taxes are used to pay for local government. You couldn't afford to run local government without them, and the only way you could lower them is by cutting expenses which is something politicians hate doing.

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