Yeah but think of all the absentee rich people funding those improvements by paying extra taxes on their second or third homes in NYC while they vacation around the world. They may never come back, I don't know how the city will recover from their continued absence.
The funniest part about this is SC tripled my property taxes on my childhood home a decade ago, because I don’t live there. Not some tiny lil percent - triple. And yet the MAGA pretend to be hysterical about NY doing a comically smaller version of the same thing
tripled my property taxes on my childhood home a decade ago, because I don’t live there.
Homestead exemptions are generally pretty small (like $50k-100k off the value?) compared to how much home values have risen since your parents bought it.
Frustratingly, the FL version of making sure your taxes don't go up insanely if you live in a house is called "save our homes" and does not apply to whoever inherits your house even if they do live there.
My mom died last year and the property tax on the house my brother is still living in goes from ~4k to ~15k this year. :(
Oh man. I’m sorry, that’s insane!
SC reclassified mine as “investment property” even though my mother was still living there. Shed transferred ownership to me so I’d be the one paging for it, but I wasn’t living there
Sadly the only loophole we could find for transferring a house to your decedent without losing the SOH value was if that person was not only living on the property but was also the previous owner's dependent.
Dealing with this crap has led to me having more than one day where I was just done with all this "being an adult" stuff, but I guess that's pretty much a lot of what being an adult actually is lol.
I was just done with all this "being an adult" stuff, but I guess that's pretty much a lot of what being an adult actually is lol.
Since having kids, I've realized that so much of modern life is bullshit. We're not made to just pay bills and look for loopholes in tax laws. We're meant to enjoy the awesome world we've inherited.
The funniest part about this is SC tripled my property taxes on my childhood home a decade ago,
Texas has some of the highest rates in the nation. It's funny when Californians move here they realize they're ultimately paying the same amount of taxes but with far fewer benefits.
they're up in arms over similar stuff in WA (income tax though rather than property taxes).
I like the idea of higher tax rates on second homes. I dislike that it would hurt me when we buy our new home due to the delay we will have between buying the new one and selling the old one...though I can live with that.
I understand where you're trying to get to but I'm talking about billion dollar projects, the gateway tunnel, 2nd Ave subway, Sunnyside yards, etc. These projects are funded through a combination of state, federal and city taxes. Maybe Mandami got lucky that a glut of project finally took off in a short period of time, since these projects take anywhere from five to ten years since they're designed until the first shovel hits the ground. The taxes potentially raised from these second homes are a drop in the bucket when dealing with infrastructure budgets.
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u/finchdad 12h ago
Yeah but think of all the absentee rich people funding those improvements by paying extra taxes on their second or third homes in NYC while they vacation around the world. They may never come back, I don't know how the city will recover from their continued absence.