A Boring Dystopia

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‘My Property Tax Went From $15K to a Life-Altering $91K a Year’ (www.yahoo.com)

submitted 1 day ago by [email protected] to c/[email protected]

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[–] [email protected] 1 points 6 hours ago* (last edited 3 hours ago)

Uhhh no... the value of your house is what somebody might buy it for IF YOU SOLD IT. Until you actually do sell it, you don't get that money or "make money in real estate". As I said, taxing you at the point where you sell the house would make sense to me - because that's when you're actually getting money. The way property taxes are now, people are being taxed on money they might hypothetically get in the future.

Now it's true that you can borrow against your home value - this is known as a home equity loan or a line of credit. So you potentially have that available - but even that is not "making money in real estate", it's borrowing money that you have to pay back.

Srsly, what grade are you in?