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Landlords should have to pay income tax on their rental properties regardless of whether they're rented out or not. (gothamist.com)
submitted 3 years ago by to c/economics@lemmy.ml
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Why? Because apparently they need some more incentive to keep units occupied. Also, even though a property might be vacant, there's still imputed rental income there. Its owner is just receiving it in the form of enjoying the unit for himself instead of receiving an actual rent check from a tenant. That imputed rent ought to be taxed like any other income.

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[–] 16 points 3 years ago (2 children)

Wrong. Basically everyone who's ever paid property taxes has been taxed on value. Even though I haven't sold it or nor plan to anytime soon, I owe increased taxes because the estimated value of it has gone up.

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  • [–] 1 point 3 years ago (1 child)

    Basically everyone who’s ever paid property taxes has been taxed on value.

    Right, but you pay property taxes based on the assessed value of the property, you don't also pay income taxes on property unless that property is actually generating an income.

    For example, you don't have to figure how much you could hypothetically rent your home for if you weren't living in it and add that to your income, even if you are wealthy enough to have a second home or summer home or something. It really just sounds like NY should significantly raise the property tax rate for unoccupied residential properties other than a primary residence, especially unoccpied residential properties owned by a commercial entity.

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