U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 09-18-2008, 02:58 AM
 
Location: Chicago
38,691 posts, read 86,869,750 times
Reputation: 29355

Advertisements

Quote:
Originally Posted by coldwine View Post
Renters do not subsidize homeowners.

Do you seriously believe that the government pays back tax income to homeowners? It doesn't. That's not how tax deductions work.

Homeowners directly subsidize the existence of renters. Property taxes pay for everything in our world. Do you like garbage collection? Renters do, but they don't pay a dime for it. Mail service? Education? City beautification? Public spaces? Local hospitals?

Thank the homeowners, because they pay for all of it.
This is nonsense on stilts. Businesses pay a huge chunk of those taxes too. The mom-and-pop business I worked for a couple years ago have a little one-story manufacturing plant on a four-acre property. Their property taxes were $11,000 -- per month. Try to tell them that homeowners pay for "all of it." And as others have pointed out, renters pay too, unless you suppose that landlords just eat their property tax bill instead of building it into the cost of their rent. Not to mention many of the services you claim are supported by property taxes clearly are not.

Last edited by Drover; 09-18-2008 at 03:07 AM..
Quick reply to this message

 
Old 09-30-2008, 08:51 PM
 
3,567 posts, read 7,519,872 times
Reputation: 2854
Quote:
Originally Posted by Drover View Post
This is nonsense on stilts. Businesses pay a huge chunk of those taxes too. The mom-and-pop business I worked for a couple years ago have a little one-story manufacturing plant on a four-acre property. Their property taxes were $11,000 -- per month. Try to tell them that homeowners pay for "all of it." And as others have pointed out, renters pay too, unless you suppose that landlords just eat their property tax bill instead of building it into the cost of their rent. Not to mention many of the services you claim are supported by property taxes clearly are not.
... And?

We're talking about homeowners here. The discussion up to now discussed homeowners vs. renters, not business owners. I know very well how much businesses pay in taxes.
Quick reply to this message
 
Old 09-30-2008, 08:55 PM
 
Location: Chicago
38,691 posts, read 86,869,750 times
Reputation: 29355
And homeowners don't pay for all of it like you said, that's what.
Quick reply to this message
 
Old 10-01-2008, 05:30 AM
Status: "Finally Done With C-D BYE BYE" (set 19 days ago)
 
Location: LEAVING CD
22,947 posts, read 21,501,470 times
Reputation: 15431
Take it back, go ahead but reinstate my deductions that I had years ago for depreciation,upgrades and maint.
Quick reply to this message
 
Old 10-01-2008, 03:16 PM
 
Location: Northern NJ
964 posts, read 2,564,142 times
Reputation: 338
No.
Quick reply to this message
 
Old 10-01-2008, 07:43 PM
 
1,567 posts, read 2,693,857 times
Reputation: 1262
renters pay for it also- you dont think landlords pass proprty tax on to their tennants
Quick reply to this message
 
Old 10-01-2008, 08:20 PM
 
Location: Forests of Maine
29,738 posts, read 47,539,222 times
Reputation: 17595
Quote:
Originally Posted by bxlefty23 View Post
renters pay for it also- you dont think landlords pass proprty tax on to their tennants
Not really.

Do you truly think that landlords add up all of their annual expenses, divide by 12, and set their rent levels at that amount?

Mortgage, insurance, property taxes, garbage, sewage, water, annual fuel bill, and $200 for repairs; summed together for the year's expenses, and divided into monthly portions?

They do not.

Rent levels are usually market driven.

I have done the math that you suggest. But it would produce rent levels set at 50% of the neighborhood average.

Many apartment buildings near mine have no outstanding mortgage. My biggest payment, but many do not have one. So where does their rental income go? Do they lower their rents? No.

landlords usually set their rents by the neighborhood average.

Right now, many landlords are forced to raise their rent levels by the increase in oil prices. They took a bath last winter paying for heating oil. So now they must raise rent levels to meet the price of oil. but this is not the normal way that they set rent levels.

I do not include heat in our apartments, each renter pays for their own heating fuel. So the increase in oil prices did not effect me as a landlord. My rent levels are not going up [not yet].

I set our rent levels by the neighborhood's average.

Just like most other landlords.
Quick reply to this message
 
Old 10-01-2008, 08:51 PM
 
48,519 posts, read 81,098,930 times
Reputation: 17978
If they don't they are fools;and are not making a profit. Sure they pass on taxes and even maintenance. Otherwise they will be in the hole real quick.Just a apartments that pay gas and other utiliuties pass on the increases.The average includes the taes if that is what you go by.If they can't afford to raise the rent then they must have pretty bad places and can't get renters. The only reason to not raise is a lease and most leases have a margin built in over the period.
Quick reply to this message
 
Old 03-27-2011, 12:25 AM
 
33,046 posts, read 20,745,900 times
Reputation: 8928
Quote:
Originally Posted by Donn2390 View Post
Sounds like a good reason for renters to become homeowners. Everyone can buy a home if they want one. they might have to learn to live within a budget, or make some other sacrifices.
Some chose not to do so, let em weep

If free markets actually existed, yes, (almost) everybody could buy a home, and renting would be a voluntary choice.

But free markets in land and housing do not exist, and government prices out low-wage workers by design.

In a free market, people would be able to buy real property in increments they can afford. Can't afford a 3BR house on a quarter-acre lot? In urban and suburban America, minimum lot sizes typically run in the neighborhood of 10,000 square feet, or somewhere between one-fifth and one-quarter acre.

Can't afford that much land? All you want and need is a tiny house on a 2,500 square foot lot? Sorry, you're just out of luck.

By allowing homes on smaller lots, almost all Americans with either:

a) no children and the equivalent income of a full-time job, or
b) no more then two children and the equivalent income of two full-time
jobs (e.g. two working spouses)

could buy a home and could buy that home WITHOUT ANY GOVERNMENT LOANS, TAX BREAKS, OR SUBSIDIES.

In the meantime, millions of Americans can't buy a home and are involuntary renters.
Quick reply to this message
 
Old 03-27-2011, 12:45 AM
 
33,046 posts, read 20,745,900 times
Reputation: 8928
Quote:
Originally Posted by f_m View Post
There are some places that allow tax deductions for renters.

Also, home owners pay a significant amount in property taxes.

I'm not aware of any states which allow tax deductions (similar to tax deductions for homeowners) for renters.

Some states DO have property tax 'rebates' which are given back to taxpayers through income tax credits - and I'm guessing this is what you had in mind. These tax credits are usually intended to rebate property taxes above a specified percentage of a taxpayer's income. A few of these states extend these property tax rebates to renters, usually by allowing renters to apply some percentage of rent to the formula used to calculate the rebate (income tax credit).

While homeowners do pay a significant (and often exorbitantly high) amount in property taxes, in most states their homes are taxed at lower rates than rental and commercial property.
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top