You do - but not $7,500 per year. That is why I said they pay much less. They have to sleep somewhere, but they don’t need to tie their lifetime earnings to it.
NJ has the worst housing market because of this; they have a property tax freeze for seniors, but the taxes are frozen so high that retirement income won’t cover them - causing seniors to flee. On top of that, you have to pay the higher current taxes throughout the year, and wait for a refund of the difference afterwards (making it even harder for those on a fixed income). Single-family homes are too much space, with taxes too high, for average people, so they have crappy re-sale prices. Few are built anymore; nowadays housing construction (where it exists) is mostly hives for childless drones.
“You do - but not $7,500 per year.”
A halfway decent 2 BR apartment in a high property tax area will rent for approx. $2500 a month——they certainly are paying about $7500.00 per year in property taxes-—and they don’t get income tax benefits from it.
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