I like this. I hope SCOTUS chooses the homeowner's side.
But...
This is complicated. I guarantee you that people hard up for cash will forego payingtaxes and treat it like a credit card... "I'll just pay the taxes someday when I sell, if I diebeofre isell, then I win."
Well, when a community is dependent upon real estate taxes for basic services, then there is a risk that the income will drop significantly.
Thenwhat?
The rate goes up and those who pay will pay more.
What we need instead is to get rid of real estate taxes.
I know seniors that have lost their homes that they have lived in for decades because of property taxes. This is a crime. In addition, the speculators circle the auctions like vultures knowing they can swoop in and pick up those properties for far less than what they are worth. Then they flip the properties with little or no input and make huge profits. The only ones that lose out are the people who are left without a home and little to nothing because of the devalued auction price. I have no doubt some of the county tax officials are in cahoots with many of the speculators. It's a racket.
Developers are evil. They attend these and out bid any private citizen who is looking for a deal. You have to have deep pockets if you go to a tax sale.
I knew a guy years ago that had previously worked for the government in Black Ops where he lost an arm. Amazingly, he still flew planes and was an instructor. He was also an avid gun enthusiast and even made the cover of some gun periodicals. I didn't press him on how he got his money and how he lost his arm. Part of me wanted to know, but part of me didn't. He didn't volunteer the info, and I didn't ask.
He bought several properties at tax auctions as well as properties owned by couples getting divorced. He would walk in and offer cash to estranged couples and they would quick deed the property over to him - far below market value. It was cash in hand for the couple without the headache of a court ordered sale. He amassed around twenty properties this way over several years that provided him with a steady comfortable income. He worked because he wanted to, rather than because he had to.
He rented those properties out at very fair prices and never raised the rents just because he could. He much preferred having good tenants that would take care of his properties. He hired property management to collect the rents and keep the books. Every year after expenses were paid, he would divide up what was left in the account between the properties and tell the tenants he would pay for some kind of improvement that they wanted. He reasoned that it gave his tenants an incentive to maintain the property by having a personal stake. If the tenants did the work themselves, even better. He would pay the tenants the difference of the budgeted amount. It was a win win for everyone. Some of his tenants he had for well over 10 years. he wasn't trying to get rich. As long as his own house was paid for and it would allow him a little financial freedom, it was all good.
Unfortunately, nothing good lasts forever. His wife decided to divorce him and blew up the whole system. She didn't understand how any of it worked. The court divided up the rentals between them, The ex in about 6 months managed to lose all her tenants by jacking up the rents and basically being a bitch. I lost contact with the guy not long after the divorce, but I have no doubt he recovered by picking up additional properties the same way that he had done in years prior. The ex-wife, not so much. I think she was forced to finally sell the properties.
If the fraud is gone from the community those "property" taxes would not be nessary to fund it. Local sale tax is enough in many if not all "communities"
Then they will raise the sale taxes higher. We, the people just can't seem to win in this nightmare. Maybe if the Supreme Court votes our way things might change. I agree with all the comments I have seen so far.
I was thinking along the same line - someone could avoid paying a realtor to sell their house. Don't pay the taxes, have the gov deduct the taxes when they buy the property at full market- make government pay realtor when they want to recoup their money they have in the property.
I like this. I hope SCOTUS chooses the homeowner's side.
But...
This is complicated. I guarantee you that people hard up for cash will forego payingtaxes and treat it like a credit card... "I'll just pay the taxes someday when I sell, if I diebeofre isell, then I win."
Well, when a community is dependent upon real estate taxes for basic services, then there is a risk that the income will drop significantly.
Thenwhat?
The rate goes up and those who pay will pay more.
What we need instead is to get rid of real estate taxes.
I know seniors that have lost their homes that they have lived in for decades because of property taxes. This is a crime. In addition, the speculators circle the auctions like vultures knowing they can swoop in and pick up those properties for far less than what they are worth. Then they flip the properties with little or no input and make huge profits. The only ones that lose out are the people who are left without a home and little to nothing because of the devalued auction price. I have no doubt some of the county tax officials are in cahoots with many of the speculators. It's a racket.
Developers are evil. They attend these and out bid any private citizen who is looking for a deal. You have to have deep pockets if you go to a tax sale.
I knew a guy years ago that had previously worked for the government in Black Ops where he lost an arm. Amazingly, he still flew planes and was an instructor. He was also an avid gun enthusiast and even made the cover of some gun periodicals. I didn't press him on how he got his money and how he lost his arm. Part of me wanted to know, but part of me didn't. He didn't volunteer the info, and I didn't ask.
He bought several properties at tax auctions as well as properties owned by couples getting divorced. He would walk in and offer cash to estranged couples and they would quick deed the property over to him - far below market value. It was cash in hand for the couple without the headache of a court ordered sale. He amassed around twenty properties this way over several years that provided him with a steady comfortable income. He worked because he wanted to, rather than because he had to.
He rented those properties out at very fair prices and never raised the rents just because he could. He much preferred having good tenants that would take care of his properties. He hired property management to collect the rents and keep the books. Every year after expenses were paid, he would divide up what was left in the account between the properties and tell the tenants he would pay for some kind of improvement that they wanted. He reasoned that it gave his tenants an incentive to maintain the property by having a personal stake. If the tenants did the work themselves, even better. He would pay the tenants the difference of the budgeted amount. It was a win win for everyone. Some of his tenants he had for well over 10 years. he wasn't trying to get rich. As long as his own house was paid for and it would allow him a little financial freedom, it was all good.
Unfortunately, nothing good lasts forever. His wife decided to divorce him and blew up the whole system. She didn't understand how any of it worked. The court divided up the rentals between them, The ex in about 6 months managed to lose all her tenants by jacking up the rents and basically being a bitch. I lost contact with the guy not long after the divorce, but I have no doubt he recovered by picking up additional properties the same way that he had done in years prior. The ex-wife, not so much. I think she was forced to finally sell the properties.
Exactly. Did you read my final line?
If the fraud is gone from the community those "property" taxes would not be nessary to fund it. Local sale tax is enough in many if not all "communities"
Then they will raise the sale taxes higher. We, the people just can't seem to win in this nightmare. Maybe if the Supreme Court votes our way things might change. I agree with all the comments I have seen so far.
We need to take our damned towns back.
Yes we do.
Yes, I agree.
I was thinking along the same line - someone could avoid paying a realtor to sell their house. Don't pay the taxes, have the gov deduct the taxes when they buy the property at full market- make government pay realtor when they want to recoup their money they have in the property.
The interest on taxes not paid can be very high. My brother had over a 40% interest on property taxes unpaid.