• Pogogunner
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    8 months ago

    So only corporations and billionaires can afford to own a home?

    • Bytemeister@lemmy.world
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      8 months ago

      Pretty sure that is not what I said. Anyway, you are already taxed on the value of your home on a yearly basis, regardless if you sold it or not. Take your ball and go home.

      • breetai@lemmy.world
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        8 months ago

        What he is saying your home is an unrealized gain which is true.

        While we pay property taxes they are a small percentage and based on the tax value and not the fair market.

        While not a fan of property tax they at least directly impact you by providing value to your local area. Why I don’t bitch much about property taxes. I’d rather pay those than federal taxes.

      • Pogogunner
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        8 months ago

        You’re not taxed on the full appreciation of your home at income tax rates. If the government did, the tax on the appreciation would price people out of their homes.

        • Bytemeister@lemmy.world
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          8 months ago

          Really? We should let the people in the low income areas of my city that just saw their valuations jump up know, because that is exactly what is happening to them. Property value went up 300%, so did the taxes.

          • Pogogunner
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            8 months ago

            Ah. I failed to consider you live outside of the United States of America. I’m sorry that low income earners are burdened by this kind of tax policy.