Unrealized property price gains are fictional and should not be taxable. The idea is to force people to give up their property and make us all renters, like the migrants. “They” call that equity.
Correct. It’s an unrealized capital gain...fictional and only on paper. Meanwhile, the homeowners income typically is stable. The consequence is that government seizes an ever increasing percentage of peoples’ livelihoods.
We have a terrible problem with this in Illinois compounded by a highly corrupt appeals system. In scanning tax bill line items, nothing jumps out as outrageous or objectionable EXCEPT schools! Usually 60% of the total! This is one of the major reasons people are leaving this wretched state.
In Florida we have a ‘save our homes’ law so property taxes are capped to a certain rate as long as you live in your home. The home I live in has property taxes of less than $4,000 a year - another home I own (Zillow has them close in value) costs over $12,000 a year for property taxes. Basically you’re not going to be taxed out of the home you live in if you live there a long time... (oh and you can move that ‘save our homes’ tax break if you sell your home and buy another home within two years. )