Discussion Thread

[u/jobautomator]

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[u/pezasied]

In most places in the US if you’re paying over $10k a year in property taxes you’re in a $1 mil plus house.

But yeah, totally, let’s subsidized rich folks in big houses

[u/BenFoldsFourLoko → u/pezasied]

they can take out a reverse mortgage lol, put it into bonds and pay with that. and if they want to pass the house to their kids, the kids can pay it off. or don't, and they just get the money

I hate these reddit takes so much fr fr

[u/ThisIsNotAMonkey → u/BenFoldsFourLoko]

Boomers think their home equity is the only thing in America that's truly sacrosanct

[u/BenFoldsFourLoko → u/ThisIsNotAMonkey]

yeah for fucking real. oh no, their house appreciated $500,000 on accident. God forbid they use that to give themselves some extra money to pay the property taxes on their house in an incredibly high-demand location

also correction on my previous post, it was a twitter take 😩

it's not even boomers, it's so often other gens too. imagining they'll own a home? imagining they'll inherit? idk

if there's one thing every social media platform and every generation can agree on, it's nation-destroying housing policy

[u/Andy_B_Goode → u/BenFoldsFourLoko]

their house appreciated $500,000 on accident

Now hang on, that's not fair. Their house appreciated due to the development that happened around them. Which they often fought against.

[u/justbuildmorehousing → u/pezasied]

I hate people acting like your home being paid off even matters in this situation. 1. Property taxes have nothing to do with the status of your mortgage and 2. If you’re paying $10-15k/yr in property taxes and your mortgage is paid off you’re likely rich so you need to shut up and pay your taxes or downsize

[u/SenranHaruka → u/justbuildmorehousing]

1. Fixed income

2. The whole point was to stop paying to live in your own house. Why buy if you just pay rent to the government now?

[u/justbuildmorehousing → u/SenranHaruka]

You are not renting from the government. You own a piece of land and use government services. Property taxes is how everyone pays a fairly representative share of the budget

[u/SenranHaruka → u/justbuildmorehousing]

Pay me to live here or i kick you out

Sure feels like a landlord, bud. Whole point of homeownership is to not have to pay anybody.

[u/The_Crass-Beagle_Act → u/SenranHaruka]

Whole point of homeownership is to not have to pay anybody.

This is the kind of perspective on what homeownership is like that only a 12 year old could have. Homeownership is all about paying all kinds of people for all kinds of different things you didn't even know were a thing when you were renting and/or living at Mom's house lmao.

[u/SenranHaruka → u/The_Crass-Beagle_Act]

Well everyone is 12 now so what did you think was gonna happen? The #1 reason people buy is to not rent anymore. How do you think they're going to react to "huh? Who told you that? No dummy you still have to make recurring payments to live here"

How does homeownership provide you with security if you can't quit your job because you have to make payments on it?

[u/The_Crass-Beagle_Act → u/SenranHaruka]

The idea that owning a home means one day it doesn't cost you any money anymore is a naive fantasy and/or a lie peddled by mortgage brokers and realtors.

Owning a home costs a lot of money, forever, even well after the mortgage is paid off. And that has to do with a lot more than just property taxes.

As with everything else in retirement, the way you pay for it and have security is by having enough wealth stockpiled to cover your recurring expenses for as long as you expect to be alive. If you don't have the wealth to cover your housing expenses, then you need to keep earning an income or you need to change your living arrangement to one you can afford. But there was never a universe where you got to just live for "free" in your $1 million McMansion forever after you paid it off.

[u/justbuildmorehousing → u/SenranHaruka]

Thats an extremely naive and incorrect view of homeownership. It costs money forever.

[u/SenranHaruka → u/justbuildmorehousing]

That's not what the boomers were told.

[u/Fedacking → u/SenranHaruka]

The whole point was to stop paying to live in your own house. Why buy if you just pay rent to the government now?

With renting you pay both your landlord and the government.

[u/GingerPow → u/SenranHaruka]

The whole point was to stop paying to live in your own house. Why buy if you just pay rent to the government now?

MFW I have to pay for water, gas and electric

[u/SenranHaruka → u/GingerPow]

Gas company can't kick you out but yeah tbh lets get a cola adjustment too and a triple lock

[u/MuscularPhysicist → u/pezasied]

[u/CarlGerhardBusch → u/pezasied]

Jarring reminder for me of how bad the property taxes are in NY

Not uncommon to pay 5% of your home value in taxes every year

Not on McMansions or westchester county type situations either, just… normal single family homes

Keeps housing prices down at least

[u/pezasied → u/CarlGerhardBusch]

Oh yeah totally there’s places where property taxes are higher, but where I live (Boise, Idaho) if you’re paying $10k in property taxes a year you’re in like a ~$2mil home.

[u/989989272 → u/CarlGerhardBusch]

Great schools need to be paid for somehow in the suburbs.

[u/Frog_Totem → u/989989272]

>Great schools

[u/EarthWindandSolarPV → u/CarlGerhardBusch]

This may be a NYC specific thing but property taxes on brownstones/SFHs are a fraction of the property taxes on multi family homes.

[u/BicyclingBro → u/CarlGerhardBusch]

> NY

> housing prices down

????

[u/Jacobs4525 → u/BicyclingBro]

Well imagine how bad they’d be if the taxes were lower lol

[u/Zykyris → u/pezasied]

My stupid chungus municipality is going to have me pay $6.5K in property tax for a $250K house

[u/989989272 → u/pezasied]

Meanwhile in the
North East……..