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The system is broken
(lemmy.zip)
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this post was submitted on 11 Jan 2024
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I have seen the amount paid in property taxes in USA via Zillow and... It is HUGE. No surpries that rents are so high. Rent have to cover minimum taxes, maintenance and part of house value. These expenses set the minimum value of a rent. But why you have so high property taxes? Cause enterprieses and billionaires don't pay taxes and cause they put their huge capitals also in real estate, raising the prices. The problem is that real estate is a right ( house ), but also an asset.
Many states have tax cuts for living in the property you own. The high tax rate is the state saying “if you make money, we want to make money”.
The problems is that if you live in an house you rent, you have to pay indirectly full property tax. Cause you aren't living in a property you own.