States Target Wealthy Homeowners with New Property Taxes, Sparking Backlash
Posted4 months agoActive4 months ago
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Property TaxesWealth InequalityHousing Policy
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Property Taxes
Wealth Inequality
Housing Policy
Some US states are introducing new property taxes targeting wealthy homeowners, sparking debate about fairness and the impact on housing markets, with commenters disagreeing on whether the taxes are justified or misguided.
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These second homes cause a hotspot in local prices that then spreads out further over the years as the neighbors sell their homes and demand higher prices (since "that's the market now"). Eventually (a decade or more) it does affect cheaper homes in the area and price out people.
But knowing human nature, this is probably just local government doing a money grab. Because someone buying a $23mm home won't even miss the little bite.