Scale the property tax exponentially based on the valuation of the property. Make sure the wealthy land owners pay more. Much, much more.
thats a good idea. A progressive property tax. I sorta can’t believe it never occured to me and I never saw it mentioned previously. Would encourage affordable housing building I think to.
A large building with a lot of rentals would be taxed at a high total value, and this increased cost would be passed on to renters, thereby defeating the purpose. It should o ly apply to unrented properties.
Side note, I know nothing about rent control though.
and this increased cost would be passed on to renters
Wrong. Renters are already paying the most the market will bear.
No, it wouldn’t. It would discourage development and would encourage people to let their properties languish to lower their assessed values.
The current system works because generally you do not pay more for more expensive property, you pay a flat rate based on the assessed value. And there are abatement for certain identity and income groups already that serve as a progressive measure. Low income and senior residents most typically get the biggest tax breaks already.
The current system works
It does?
properties languish to lower their assessed values.
you do not pay more for more expensive property, you pay a flat rate based on the assessed value
How is that possible for assessed value to be one way but not the other? Assessed properties have to do with the value of the property. It’s not 1:1 but it is definitely correlated.
because people are not rational. they are emotional.
and they are VERY emotional about taxes to the point they do stupid crap. a lot of people are very fearful of taxes to the point they make really crazy choices based on that fear.
my own sister is going to move to some rural shitty state, because she is so afraid of paying taxes once she retires. especially property taxes. and when i point out the irony of that when she gets sick there will be zero medical services… she tells me to go fuck myself. she has this delusional belief that if she lives in a cabin in bumfuck nowhere then her life will be amazing because she won’t be paying taxes as much.
If you don’t have money to pay property taxes they seize your property and auction it off. All while costs are skyrocketing, and people on fixed incomes aren’t getting more money. To dismiss your sister’s fear is wrongheaded, she’s right on this unless she has a lot saved up, social security is worth less in real value every year, as real inflation averaged 5-8%/year under the old, and more honest, standard, just by 2008 for the 50 years prior, and stated inflation in the cpi that it’s all based on had it’s formula changed several times to keep it around 2-3%. The difference is 1,300 dollars a month social security recipients are now denied from those changes to the cpi, on average.
So costs can go up so they can’t afford to eat and pay bills and keep a car, and pay property taxes. Plus the county/township can come in and change the valuation of the property, raise the millages, etc.
Losing your property as a retiree is catastrophic, I would say you are way off base scorning your sister’s very real concerns here.
Yeah, none of that is true. My sister is objectively an idiot, she has millions of dollars and her fear is founded by ‘taxes are theft’ beliefs. Her SS benefit will be like 5-6 grand a month no top of all her already crazy money. she is a millionaire.
I worked in tax policy. It takes years of willful neglect to get your property seized. Like 10 years of not paying your taxes, and even then most municipalities have programs to make payments on tax debts.
It takes 3 years here to get your property seized and auctioned.
And not making enough money might seem like “willful neglect” to you, reared on fox news campaigns blaming the poor for getting cheated by society out of a dignified life, one they had before the 80s.
But the jokes on you, and all of us, because they are coming for all of our money, you just didn’t see through or care when they manipulated you into supporting it.
Even as they cheat you every day in the understated inflation, unless you have investment income. It’s your own fault I’m sure. Stupid others, not having enough money, it’s clearly a choice and a personal failing they are getting cheated by a society seized by big business and run by nihilistic lawyers working for billionaires.
Please forgive tubulartittyfrog, as you can plainly see, they are emotional and get angry when math doesn’t match their stupid crap feelings
“Threatens.” Oh, they mean “proposes as an alternative.”
Fuckin’ NYT.
Threatened makes him sound way coolerI
This is how you do it when you’re serious about achieving what you promise for your constituents. Use your tools as needed, demand cooperation, when you don’t get it, use your tools as leverage. Even if you fail, people see you did what you could and then they’re ready to punish whoever stood in your way at the ballot box. This is why the oligarch class is so afraid of Mamdani who’s just a mayor.
Uh doesn’t this just inflict pain on the middle class if it ends up passing?
Does the middle class own property in New York at all? I thought most just rent apartments.
NYC is 5 boroughs a lot of it is single family or 2 family housing.
I ask because l don’t know. From pictures, everything in NYC are buildings… I thought houses didn’t start until long island
It thins out as you get away from the center.
And you think land lords won’t pass increased property taxes on to their tenants?
I don’t live in NYC so I won’t give an opinion on this but landlords won’t just eat increased taxes.
No, in a market like NYC rents are already the maximum that the market can bear, and a lower percentage of property prices than elsewhere. Landlords in fact will eat at least part of the increased taxes because the only other option is to not rent the property. That’s exactly why they’re so upset about it.
Property taxes are paid by the renters. Landlords don’t have any money other than rent. This is a tax on tenants with extra steps
Landlords don’t have any money other than rent. This is a tax on tenants with extra steps
The landlords that this is targeted against are not the slightly rich guy who owns an apartment building, it’s people like Citadel LLC who has nearly $70 Billion dollars of assets under management, a large portion of which are rental properties.
Those landlords have the money to pay the taxes. They own much more expensive properties, many of which are held empty and are limited in how much they can raise their prices indirectly, due to them already charging as much as the market will bear and also directly by Mamdani freezing rents.
In addition, many wealthy people in NYC own expensive housing (including Trump) that they use and do not rent.
It’s a little bit misleading to refer to as any mayor of New York City as “just a mayor“.
It’s just a tiny little financial capitol of the world with a measley population of only 8.4 million people.
Barely as large as Austria
And what did Austria ever achieve???
Its so funny the NYT has like half a dozen quotes about people opposed to the tax hikes but not a single one has presented a real idea for alternatives.
NYC has some of the highest taxes in the country. The alternative is less taxes.
Why not both?
Because a property tax hike only hurts the middle class
Are there middle class property owners in New York city?
I feel like middle class would all be renters there and upper class wealthy the only actual owners.
Better pass a rent freeze first or that property tax increase will just get passed on to the people who can afford it least.
Rent freezes make landlords only do the bare minimum maintenance required by the law since they can’t increase rents when doing any remodelling.
Lmao how many properties do you own?
Exactly 0
So you do the bidding of a class you don’t belong to? How fucking sad is that.
Honey landlords already do the bare minimum.
Only in rent-controlled markets. In other markets they remodel to jack up the prices, but you would complain about that too
Anyone with a brainstem would complain about that i think. Though I don’t grant your premise in the absolute least.
So if landlords put more money into renovation it’s bad, if they don’t it’s also bad
Communism is fun until there is no more someone else’s money for free handouts.
I adapted it but it’s still valid I guess.
Expect companies to flee the state just as happened in LA.
Where do you think those billionaires got their money?
spoiler
Its all Someone Else’s Money
New York as a whole has ridiculous taxes because of insane police budgets and corruption allowing stuff like ambulance companies charging the state 3K/trip for non-emergency weekly dialysis visits.
Which is weirdly similar to California which you’d think was a communist utopia the way rightwingers talk about it.
If I sell you a thing, it’s no longer your money, it’s my money. You get a thing that is now your thing.
Do you think billionaires got their money through their own labor?
Jeff Bezos started Amazon and worked to expand it for decades. The company didn’t make a profit for something like 20 years (but kept raising money and expanding). Sounds like labor to me
Do you think the millions of underpaid workers had anything to do with it?
They were paid the wage they signed the contract for. Underpaid scoring to whom?
The difference between the wealth they created and the wealth they received was still the product of their labor, not Jeff Bezos. Do you think Lockheed shareholders got us to the moon, and not ya know, the engineers and scientists?
