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Home owners do not deserve free government handouts for buying a home. Buying a home is a personal decision. Why should someone's personal decision be subsidized by tax payers? Just another bunch of lazy bums looking for free handouts. I thought conservatives were all about free market economics, since when do government subsidies help the market move towards supply and demand equilibrium? Oh wait that's right they don't, they just create nothing more than inefficiency.
It's not a handout - it's deduction. Having children is also a personal decision. Are you ready to get rid of that deduction?
I'd be happy to hand in MY mortgage deduction if all the other deductions are eliminated too. But to target ONE specific taxpaying group (responsible and settled citizens) is wrong.
1) The value of the land is generally not a substantial factor in apartments. The value of the land is dwarfed by the value of the improvements.
That's a complete myth. The value of a plot in SF or Manhattan never deteriorates. Almost all the long term value is in the location. Its why a 4 bedroom in a small town is nothing compared to something in a burb of a big city. That is why they build sky scraper condos in the city. Its cheaper to go up.
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2) The net property tax cut on owner-occupied homes was twice as great as the tax cut on rental property. There was a corresponding 50% increase in theales tax. I like to describe it this way: The legislature put 1/3 of a loaf in renters' pockets and 2/3 of a loaf in homeowners' pockets while taking out 1/2 of a loaf from everyone's poskets. Net result: renters lost 1/6 loaf and homeowners gained 1/6 loaf.
Again here I do not dispute.
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3) I don't regard K-12 education as part of a social safety net, but if you insist, I will play along. Yes, we have to pay for other peoplle's children, but we should not do so at unequal, regressive, and unfair rates. The school property tax rate on owner-occupied homes is 6 mills and the school property tax rate on rental property is 24 mills. Please explain how that is rational or fair.
You don't because you think robots will take care of you in retirement. The retirement system has always been children, and still is because SS comes from their taxes. Speaking of land values, it has value because someone's children will want to buy it.
If you decline social security and sell resources for what you paid for them 30 years ago then you are getting screwed.
3) I don't regard K-12 education as part of a social safety net, but if you insist, I will play along. Yes, we have to pay for other peoplle's children, but we should not do so at unequal, regressive, and unfair rates. The school property tax rate on owner-occupied homes is 6 mills and the school property tax rate on rental property is 24 mills. Please explain how that is rational or fair.
I don't know where you live. Where I live, the millage rate is the same for everyone. Various exemptions relate to owner-occupied dwellings vs. second or investment homes.... but exemptions also exist for old people, widows and even veterans. I don't b*tch about that!
BTW: A landlord could technically write off property taxes as a "business expense" (along with purchase and depreciation of the asset itself), any maintenance issues, any insurance for the dwelling, EVERY EXPENSE RELATED TO THE PROPERTY, essentially.
Sounds like your beef is with LANDLORDS, and not the mortgage interest deduction. If you're rent is too high, it's because of supply and demand, not because of the mortgage interest deduction.
Your personal problems buying a home are clouding your arguments and perspective.
How many billions does this stupid tax break cost the government per year? On top of that, it does nothing except encourage people to take out more debt than they can really afford and drives up housing prices. People should quit feeling entitled to free government handouts on their mortgages. Want to lower the deficit? Get rid of this illogical tax break.
the mortgage interest write-off is not that big....used to be ALL interest paid (to incude from creditcards) was able to be writen off
for me the big one is property tax write off(I pay a tax elsewhere, so the feds allow it to be written off)
these write-offs (too include child care, health care, retirement, education, etc) all help the poor/middleclass
You don't because you think robots will take care of you in retirement. The retirement system has always been children, and still is because SS comes from their taxes. Speaking of land values, it has value because someone's children will want to buy it.
If you decline social security and sell resources for what you paid for them 30 years ago then you are getting screwed.
I do not have any resources to sell (I live at poverty level), so I'm certainly not going to decline social security.
But you didn't answer my question:
The school property tax rate on owner-occupied homes is 6 mills and the school property tax rate on rental property is 24 mills. Please explain how that is rational or fair.
1) . The school property tax rate on owner-occupied homes is 6 mills and the school property tax rate on rental property is 24 mills. Please explain how that is rational or fair.
simple
home owner occupied...residental tax
rental...commercial tax
I pay school tax(property tax) on my automotive shop...at a higher rate than my home
I don't know where you live. Where I live, the millage rate is the same for everyone. Various exemptions relate to owner-occupied dwellings vs. second or investment homes.... but exemptions also exist for old people, widows and even veterans. I don't b*tch about that!
BTW: A landlord could technically write off property taxes as a "business expense" (along with purchase and depreciation of the asset itself), any maintenance issues, any insurance for the dwelling, EVERY EXPENSE RELATED TO THE PROPERTY, essentially.
Sounds like your beef is with LANDLORDS, and not the mortgage interest deduction. If you're rent is too high, it's because of supply and demand, not because of the mortgage interest deduction.
Your personal problems buying a home are clouding your arguments and perspective.
My beef is with GOVERNMENT which imposes 24 mills of property tax on my home and 6 mills on my next-door neighbor Bob's owner-occupied home. (It's called SPLIT ROLL property tax and approx 23 states have it.) By taxing my landlord 18 add'l mills it takes that money off the table and I don't blame my landlord for that.
There is also my problem with local government which excessively regulates the housing market (max unrelated occupancy = TWO) and prohibits small property options I could afford to buy.
So it would be fair to tax BUSINESS INCOME at 4 times the rate of WAGE and SALARY income? Wow, just wow.
And single family residential IS cllassified as residential, not commercial. Apartments 4 or more units are classified commercial.
that depends on where you are...it is a LOCAL thing
here..ANY RENTAL, even a basement(that is being reported as a rental) is taxed at the comersial rates
our AG, and county commissioner just went after ILLEGAL apartments for just that
here is the exerpt:
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Properties that have been transferred from Class 1 (Residential) to Class 4 (Commercial) for taxation purposes are listed as follows with its estimated increase in school property tax obligation for the 2006-07 school tax year compared to the actual taxes paid in 2005-06: Appeal Avenue, Elmont ($9,337 to $24,095); Roquette Avenue, Elmont ($9,200 to $23,916); Post Street, East Meadow ($8,330 to $21,354); Doris Avenue, Franklin Square ($10,443 to $23,491); Caroline Avenue, Garden City ($8,570 to $24,803); East Penn Street, Long Beach ($7,451 to $25,163); East Hudson Street, Long Beach ($4,936 to $14,663); East Chester, Long Beach ($5,158 to $14,447); Allers Boulevard, Roosevelt ($6,526 to $16,352); Farmers Avenue, Plainview ($8,888 to $24,171); Swalm Street, Westbury ($7,376 to $20,240); Kinkle Street, Westbury ($6,327 to $19,667); and, Princeton Street, Westbury ($8,768 to $33,764).
these were properties that WERE resedential, and have now been converted to commercial, becuase of illegal apartments
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