Re:Cuomo signs bill prohibiting Airbnb listings in NYC
by flavor8 on Friday October 21, 2016 @05:23PM
(#12764980)
As long as property tax exists (your county will seize your home if you don't pay it) the concept of real estate ownership is pretty tenuous. I accept taxation in general but property taxes have always rubbed me the wrong way.
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Re:Cuomo signs bill prohibiting Airbnb listings in NYC
by schoen on Friday October 21, 2016 @05:50PM
(#12765195)
There's a movement that sees things exactly the other way, based on the ideas of Henry George: maintaining that only real property taxation is legitimate (or appropriate) and that other kinds of taxes aren't!
https://en.wikipedia.org/wiki/Single_tax
Re:Cuomo signs bill prohibiting Airbnb listings in NYC
by mahyarm on Friday October 21, 2016 @06:32PM
(#12765486)
Property tax is pretty essential. Huge weird distortions can happen in low property tax places. California with prop 13, the UK with it's non-existent property taxes, Vancouver, BC with it's very low property tax rates are all examples of RE gone wrong and are places with low property tax.
Re:Cuomo signs bill prohibiting Airbnb listings in NYC
by flavor8 on Monday October 24, 2016 @10:26AM
(#12779044)
The problem in California is the grandfathering in of rates, rather than the fact that the tax exists. If property tax was completely removed and the state made up the shortfall in some other tax (hopefully progressive) then there'd be no market distortion.
Re:Cuomo signs bill prohibiting Airbnb listings in NYC
by mahyarm on Monday October 24, 2016 @06:01PM
(#12783293)
Yeah it's not the rate, it's the %2 increase rate. Takes 35 years for the tax to double in cost. Seattle's King County has a lower property tax rate than a chunk of the bay area for example.