I have a question about fragmentation of this forum and sub-communities. There are a lot of subforums and I only watch a few of them. There's also the feature of following someone so if they post on a subforum I don't actively watch, I get notified. But overall it seems to me like if I post on a different subforum, then 99% of the guys on Options will miss it. So the tendency to post in Options stuff that's not necessarily related to options, simply coze I wanna address it to the regulars (guys who frequent this forum). Is it wrong to do so, or is there a better way?
Also the original question I wanted to ask: I "heard" that property taxes in the US are preposterously high. Like in the 2% per year range. Saw this for instance: So lemme get this straight. If you buy a $1,000,000 (one million dollars) property in New York. From then on to the rest of your life you have to pay $23,700 per year as some sort of fine for owning it? Effectively bleeding 2% of your net worth each year? Seems so strange to me that I can't really wrap my head around this being real.
You are getting it right... Real estate taxes in the USA are probably higher than many European countries. But US income tax is much lower than most European countries. And in very general terms, this has been the case for decades--long before tax breaks that were implemented during Trump's presidency. Many European countries have other types of taxes that would seem completely alien to Americans. Many European countries have an annual property tax that is imposed on the value of cash and marketable securities. Like a real estate tax, it is a tax on the value of assets--not a tax on income. And Europeans think this is normal, because it's been around for decades. Most Americans would be horrified at the idea that at the end of each year, you have to give the government one fourth of one percent of the value of all stocks and bonds that you own. It would feel like outright theft. Because most Americans have never even heard of such a tax. There are many other taxes throughout the US that vary wildly from one jurisdiction to the next. In Ohio, some residents are subject to an income tax from four different agencies: the US federal income tax, the Ohio state income tax, and income taxes imposed by the city and school district where they live. In other states, like Florida, there are no state or local income taxes at all, but they have higher sales taxes. In Ohio, the annual registration for a car that you own--what most Americans call license plates or vehicle tags, is about $55 for any passenger automobile. But in California, vehicle registration fees are based on the value of the vehicle. So you pay a lot more for your license plates if you're driving a brand new Benz than if you're driving a 12 year old Chevy Impala. That's a type of property tax, but they just don't call it that. They call it a vehicle registration. BMK
Thanks for clarifying it a bit. But the real estate tax (tax on the value of assets).... what if you don't have an income? 2% property tax seems like effectively you're renting your own property. How is that "owning" anymore? By comparison, my apartment (situated in a Romanian village) is valued at ~ $80,000 and the real estate tax on it was $35 for a year.
In a low tax state like Texas, property and municipal taxes help fund a very solid and independent infrastructure. Reliable power and water are the hallmark of a safe, secure, and satisfied public. Texas' elected officials strive to make, and keep, Texas great...
I lost my favorite made in Japan nail clipper. I bought three and I can't find any of 'em. HTF does that happen? My nails are getting a little stupid but there is NO WAY that I will resort to using some cheapo Revlon or whatever from CVS. I am going to see if Amazon has anything. Toenails looking a little rough as well. Maybe I should get a mani-pedi. I don't know how easy it will be to get an appt as a first timer. I hear they always want to put clear polish on dudes but I fear it will stir some latent feelings. Maybe I should just bag it and use the wife's clipper.
I have posted a reply to @Aquarians in the Chit Chat forum: https://www.elitetrader.com/et/threads/real-estate-tax-in-the-usa.356190/