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‘My Property Tax Went From $15K to a Life-Altering $91K a Year’
(www.yahoo.com)
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this post was submitted on 15 May 2025
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They are actually rich. They have earned in many cases more money in real estate than many people have earned working
Uhhh no... the value of your house is what somebody might buy it for IF YOU SOLD IT. Until you actually do sell it, you don't get that money or "make money in real estate". As I said, taxing you at the point where you sell the house would make sense to me - because that's when you're actually getting money. The way property taxes are now, people are being taxed on money they might hypothetically get in the future.
Now it's true that you can borrow against your home value - this is known as a home equity loan or a line of credit. So you potentially have that available - but even that is not "making money in real estate", it's borrowing money that you have to pay back.
Srsly, what grade are you in?
They are paying money based on wealth they can obtain at any time directly by selling. So if you pay $50k and end with a 4M home you can sell it and live on the millions of dollars.
What if the real estate market cools off and they never get their millions of dollars - do you think they should get a refund for all the years they paid the higher tax on the expectation of getting rich which never happened?