High property taxes are a pain. That’s not all. There’s a darker side to them. More than most realize. Here’s the truth…
It’s just rent.
The American Dream as it is, is a big media gimmick. Property taxes mean you are really just renting your home from the government. If you don’t pay that rent, you are out.
Structuring this as a tax gives you just enough hope not to give up. Yet, they continuously rise just enough to barely keep you just above broke. All the while you are forking out thousands to improve this property and put money into the economy for the government and banks. The bankers who just happen to ‘have’ to take back a bunch of these properties every decade or two when they force a few million homeowners into foreclosure.
It’s not that different from the medieval days of kings and queens and land-lords that would get the peasants to work the land, and take so much they never could really get ahead. And, yes, if you are paying $10,000 a year in property taxes you’re just being milked too.
It doesn’t matter if you have paid off your mortgage, you’ll still always owe this rent on your home and business property.
Where Will the Money Come From?
Of course, we all do appreciate many of the things our taxes pay for. Education, transport, waste services, infrastructure, and emergency services. So, where will that money come from if not property taxes?
Well in addition to annual property taxes there are other real estate taxes you pay. You pay a couple different taxes when you buy and sell a home. More could be made up through state taxes, congestion taxes, sales taxes and poll taxes. There are plenty of options. Many that only bill you for what you use.
In fact, getting rid of really broken property tax systems like those in Nassau County, Long Island could really save a lot of money. Perhaps billions of dollars. You’d eliminate all the mail costs, website maintenance, assessments, politicians time, cost to give rebates, and salaries which could be paying those people to do something more important. That could all put a lot more money in the local economy, and give property owners more control to give directly to local nonprofit causes which can provide many services far more efficiently.
What to Do Now
It’s unlikely these taxes are going away tomorrow. Even if it makes more sense for the majority of property owners and residents. However, you can avoid paying too much by using Property Tax Adjusters, Ltd. to appeal and reduce your property tax bill. Save now, and keep the pressure on so that this isn’t such a lucrative scheme for taxing authorities.