points by logankeenan 1 day ago | 0 comments
Can you elaborate more on why you don’t think a property tax is not a wealth tax? My understanding is that a wealth tax is a tax on the value of an asset. The asset could be a variety things that have net worth
Also, not all states apply property taxes the same. In my state, my house is assessed often by the government and then my taxes rise based on the value of my house.
[–] aidenn0 1 day ago
[–] logankeenan 1 day ago
If I understand you correctly, you’re saying the distinction on the “wealth” is specific to if the person owns the whole property. If they fully own the property then it could be considered a wealth tax. However, many people don’t since they have a mortgage so it’s not taxing them in their net wealth.
Property tax is a tax on specific property (usually we are talking about real property, but I've paid e.g. property tax on a car). It is usually irrespective of wealth.
Someone who buys a house with cash and their neighbor who is underwater on their mortgage and at risk of insolvency will pay the same tax.
Note also that you rarely see property taxes on e.g. valuable jewelry because unlike real property and cars, both of which have ownership centrally registered, jewelry is not centrally registered.