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A comment on The next shock for homeowners: Surging property tax assessments. Parent comment

Re:The next shock for homeowners: Surging property tax asses... by listenallyall on Saturday May 21, 2022 @11:34PM (#31464679)
Caps on property tax, and tax deductions for mortgage interest payments, and not taxing appreciation on a home sale, are very simply, juicy tax breaks for rich people. Not saying everyone who owns a home is rich, but, as a group, they are far wealthier than the collective group of renters.

It is impossible to defend these programs, and also complain about inequality, rich not paying their "fair share", whatever. Anyone who does so -- Bernie, E. Warren -- is a hypocrite.

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Re:The next shock for homeowners: Surging property tax asses... by bojangleslover on Sunday May 22, 2022 @06:48AM (#31466795)
Yeah well luckily those same folks are paying close to or sometimes beyond 50% in income tax
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Re:The next shock for homeowners: Surging property tax asses... by masonic on Sunday May 22, 2022 @02:02AM (#31465291)
>not taxing appreciation on a home sale

That's what capital gains taxation captures.

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Re:The next shock for homeowners: Surging property tax asses... by sokoloff on Sunday May 22, 2022 @07:48AM (#31467107)
There is an exclusion amount for personal residence where capital gains are taxed at 0% federally. It’s $500K for married couples at the moment. That is likely what GP was commenting on with that clause.

https://www.irs.gov/taxtopics/tc701

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Re:The next shock for homeowners: Surging property tax asses... by listenallyall on Sunday May 22, 2022 @05:40PM (#31473085)
No, not really, as sokoloff stated, there is an exemption from capital gains tax on a primary residence up to a half-million in appreciation.
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Re:The next shock for homeowners: Surging property tax asses... by anamax on Sunday May 22, 2022 @12:46AM (#31464955)
Prop 13 keeps California's property tax revenues stable.

This is especially true/important when property values crash, as they do every 10 years or so. (It's starting now as people start to realize that mortgages are going up from 5%, not down.)

Why? Because all of the people who bought more than a couple of years ago will see their regular 2% increase because the crash didn't hit their property's value. Meanwhile, newer homeowners will go to the assessor and get a reduction in value, which reduces their taxes. The former outweighs the latter.

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