Land Value Tax would solve this.
this post was submitted on 15 May 2025
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The homeowners have two options, and both options suck.
- sell
- don't sell
Both alternatives carry costs. But they own a home worth 4.4mil and have to pay 2% of that each year. That's pretty low.
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Yeah some serious boomer logic going on here.
"We thought that if we kept the foundation and the outer walls of the house and we just took the roof off, it was our understanding that we were going to preserve our Save Our Homes and our homestead,” says Debbie."
"the renovations—removing the roof, adding a second floor —ultimately triggered a full reassessment of the home’s value. Under Florida law, once a property is deemed substantially improved, it can be treated as new construction, removing the protections that had capped the home’s assessed value for years."
Boomer logic ..... "I want all the benefits, entitlements and supports of society and none of the responsibilities."
Can you imagine the pain of having to pay fairly for what you own... Disgusting.
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“We do have the law to comply with,” Schwartzreich says. “It really puts us in the middle.”
🤣🤣🤣
They basically rebuilt their home and are sad it's appraised at market value.
That's at least what I got from it.
Yeah, not a lot of sympathy from me.
4.4 mil, wow.
If it’s that big of a problem for their life, why not just sell the house and be multi-millionaires? It’s a non-story. Maybe they should’ve taken that into consideration.
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Rich boomers who haven't worked in 30 years want to keep property values high without paying the property tax to go with it
How were they supposed to know real estate law being… checks notes…
a real estate attorney?
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Hahahahahahaha
Oh no, their taxes went up with the value of their property
🎻
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It's always funny when looking at the tax-system in the US from an EU perspective. Americans looking at any receipt they get in an EU country and immediately pointing out the huge VAT tariff.
Then one only needs to point to the property tax in the US.
Sales taxes are regressive. People who spend more money on services and less on goods are typically wealthier. Sales taxes hit the poor the hardest. Whereas the property tax on a multi unit building is typically a better rate for each family than a single family home.
If you read the article these people tried to abuse a loophole that had kept their propery taxes capped for years and they failed miserably. They tried to keep just enough of the home to avoid the value of the home being reassessed for taxes. But they added an entire second story and that triggered the reassessment. Essentially they thought they could cheat and build more home than they could afford to pay for.
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basically what happens when you create and support a housing system whose goal is to make profit. doesnt matter if you yourself plan on living in it, people voted for the system that approved the nonsense of longterm profiteering of a basic need.