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Owing your home today is nearly impossible, but even if you did the ever increasing property taxes will bury you
(lemmy.world)
this post was submitted on 06 Mar 2025
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Do you live in Michigan or is there somewhere else that was this idiotic too?
I think you may have it wrong on what is happening, this guy isn't paying less tax than those around him from how i read it. Your area seems to be taxed based on the purchase price and not the assessed value of the property.
From how i read it his taxes have steadily gone up base on home prices and assessments. He pays taxes every year and they are relatively the same as those around him. The problem is that the value has gone up more than it should have due to the local gov wanting to be paid more. Most county commissioners (R/D doesn't matter) are paid a percentage of what the property tax based on population. This means that if the price goes up then they get paid more. At times these also come from the state instead of a county. This means that they reps are paid based on the tax assessment.
If we make the math easy lets say he paid $30,000 for his house. (I know a city wont be this way but a small house in a rural area works for this also lets assume it was purchased some time ago). The current (as of today) monthly average of Social Security payments is $1976. ($23,712 yearly) This is about $70,000 every 3 years. $70,000/2 is $35,000. Again those payments are based on today and not the last few two years. Based on that math, SS 1976 x 12 (year) $23,712 divided by 2 (half my ss check) thats $11,856. He is essentially being taxed 30% of what he purchased his home for. I know this may not sound like much to some but its not about you in the city working the full time job for x an hour. This post is about a guy who built his home and purchased the lumber piece by piece and built it himself after purchasing the land.
No, the person you're replying to likely lives in an area with annual assessment limits. This means when they move into their house, they pay taxes on the assessed amount at that time. Every year, even if the assessment shows a 50% increase in value, your tax increase will be capped at something like a 2% increase. Over the course of 30 years this adds up to huge tax savings the longer you stay in one place. The downsides are that it causes more traffic, causes homes to sell less often, and provides less local tax to fund public programs like schools.
Ohh snap I read the comments wrong. I totally missed the “the way the guy wishes they did” referring to taxes. Nice catch.
I was explaining how it must be for the guy in the pic. Not how the OP was talking about it. Thanks for the clarification on my fuck up.
This guy's actual problem isn't that his property taxes have gone way up. His problem is that his income, that is say social security, has not kept pace with the inflated cost of property taxes. And of course it hasn't kept up with any of the other inflationary costs we are dealing with today as well. And this is something that has hit everyone else because the average wage has not kept up with inflation either.
His property taxes have gone up because his wealth has gone up. Sounds fair to me.