[raybbr]

Our homes are regularly reassessed by the county taxing authority. When they do this, they value your home based on the new market value and your taxes are raised accordingly. Try again?

Your claim was that the fed counts equity as an asset. If that's true then why aren't there federal taxes like they tax corporations' assets?

Earlier, you said they did not own their home. Now you've had to qualify it by saying they do not own it outright. Nice back peddle.

I have always meant "outright ownwership". People who carry a mortgage do not own their homes outright. I am not sure what context you mean by own but I know that mortgaged homes are not "owned" by the people that carry the mortgage.

So those people would be better off renting? Admit it, those numbers show that the average American is doing damn well in this economy and that fact makes it much harder for you to sell your doom and gloom.

I am not selling doom and gloom. I am also not pollyannish.

[Mase]

Your claim was that the fed counts equity as an asset

That's right. Look at the fed funds report and you'll see that homeowner equity, at market value, is absolutely considered an asset.

Fed Funds Report: page 110 of 124

If that's true then why aren't there federal taxes like they tax corporations' assets?

We pay capital gains taxes on the equity if it's more than $250k for singles and $500k for married couples.

People who carry a mortgage do not own their homes outright.

Yup, can't argue with you there. Will you at least admit that there are many more advantages to buying a home than renting one?