“Mansion tax” to be introduced by Grosso in DC for homes worth over $1million

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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Anonymous wrote:

Anonymous wrote:OP here. So it looks like he's updated his proposal to focus on homes $1.5m+ and also 5m+. I'm a little better with this, although it seems that with inflation, this will need to be updated in 10 years when 1.5m is no longer a "mansion."

https://dc.urbanturf.com/articles/blog/more-details-emerge-on-proposed-dc-mansion-tax/15396

In other words, OP, as long as it doesn't cost you, it's fine. You want stuff for free but don't want to have to pay into the system to get it.

This.

LOL. "I'M barely getting by with my 1 million dollar home, but HE is rich with his 1.5 million dollar home."

We stretched and stretched to buy our home 10 years ago at WAY less than 1 million. It happened to be a good investment and is appraised at just under a million now. But that doesn’t mean that we can afford some kind of luxury home tax. It means that we are a couple of poors who made a smart real estate investment.

OP here, yes, this is our situation too. We're in a somewhat hot area and so I think our home would appraise for close to $1m pretty soon, but it's far from a mansion, and we're quite far from rich.

Do you really not recognize your privilege? You bought a home for a relatively low amount and it's now worth $1 million dollars. You have major equity in this home. If you were truly "poor" you would sell the house if you couldn't afford the taxes and buy somewhere cheaper. But no, you just want to cry poor from your million dollar home.

This is an entirely reasonable position. But, I wonder, PP - do you also apply the same standards to the AA grandmother who is can't afford her taxes? Or the working class AA family who can't afford rent because property values went up? Or are they the victims of gentrification, and we need to do everything we can to protect them?

you can't have it both ways - pick one.

The AA grandmother already gets a massive 50% property tax discount in DC just by virtue of being old.

https://otr.cfo.dc.gov/page/homesteadsenior-citizen-deduction

City services are not free. Old people need to pay their fair share. They can tap into the substantial equity of their home, if needed.

Or they need to move out and move on. Oldsters tend to be the NIMBYs who don’t want any change. They hoard their houses as they age in place which keep prices high for people who are looking for homes. Young people want smart geothermal, density, great restaurants and a vibrant DC - not tired places serving the ‘5 o’clock special’ crowd. Come to think of it, “aging in place” is a good description of much of DC. That needs to change.

Young people will age one day too. Funny how you look at city living as some sort if Disney Esque experience.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here. So it looks like he's updated his proposal to focus on homes $1.5m+ and also 5m+. I'm a little better with this, although it seems that with inflation, this will need to be updated in 10 years when 1.5m is no longer a "mansion."

https://dc.urbanturf.com/articles/blog/more-details-emerge-on-proposed-dc-mansion-tax/15396

In other words, OP, as long as it doesn't cost you, it's fine. You want stuff for free but don't want to have to pay into the system to get it.

This.

LOL. "I'M barely getting by with my 1 million dollar home, but HE is rich with his 1.5 million dollar home."

We stretched and stretched to buy our home 10 years ago at WAY less than 1 million. It happened to be a good investment and is appraised at just under a million now. But that doesn’t mean that we can afford some kind of luxury home tax. It means that we are a couple of poors who made a smart real estate investment.

OP here, yes, this is our situation too. We're in a somewhat hot area and so I think our home would appraise for close to $1m pretty soon, but it's far from a mansion, and we're quite far from rich.

Do you really not recognize your privilege? You bought a home for a relatively low amount and it's now worth $1 million dollars. You have major equity in this home. If you were truly "poor" you would sell the house if you couldn't afford the taxes and buy somewhere cheaper. But no, you just want to cry poor from your million dollar home.

This is an entirely reasonable position. But, I wonder, PP - do you also apply the same standards to the AA grandmother who is can't afford her taxes? Or the working class AA family who can't afford rent because property values went up? Or are they the victims of gentrification, and we need to do everything we can to protect them?

you can't have it both ways - pick one.

The AA grandmother already gets a massive 50% property tax discount in DC just by virtue of being old.

https://otr.cfo.dc.gov/page/homesteadsenior-citizen-deduction

City services are not free. Old people need to pay their fair share. They can tap into the substantial equity of their home, if needed.

Or they need to move out and move on. Oldsters tend to be the NIMBYs who don’t want any change. They hoard their houses as they age in place which keep prices high for people who are looking for homes. Young people want smart geothermal, density, great restaurants and a vibrant DC - not tired places serving the ‘5 o’clock special’ crowd. Come to think of it, “aging in place” is a good description of much of DC. That needs to change.

Perhaps you can ship elders to special camps at x or y age so you have more homes to choose from

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here. So it looks like he's updated his proposal to focus on homes $1.5m+ and also 5m+. I'm a little better with this, although it seems that with inflation, this will need to be updated in 10 years when 1.5m is no longer a "mansion."

https://dc.urbanturf.com/articles/blog/more-details-emerge-on-proposed-dc-mansion-tax/15396

In other words, OP, as long as it doesn't cost you, it's fine. You want stuff for free but don't want to have to pay into the system to get it.

This.

LOL. "I'M barely getting by with my 1 million dollar home, but HE is rich with his 1.5 million dollar home."

We stretched and stretched to buy our home 10 years ago at WAY less than 1 million. It happened to be a good investment and is appraised at just under a million now. But that doesn’t mean that we can afford some kind of luxury home tax. It means that we are a couple of poors who made a smart real estate investment.

OP here, yes, this is our situation too. We're in a somewhat hot area and so I think our home would appraise for close to $1m pretty soon, but it's far from a mansion, and we're quite far from rich.

Do you really not recognize your privilege? You bought a home for a relatively low amount and it's now worth $1 million dollars. You have major equity in this home. If you were truly "poor" you would sell the house if you couldn't afford the taxes and buy somewhere cheaper. But no, you just want to cry poor from your million dollar home.

This is an entirely reasonable position. But, I wonder, PP - do you also apply the same standards to the AA grandmother who is can't afford her taxes? Or the working class AA family who can't afford rent because property values went up? Or are they the victims of gentrification, and we need to do everything we can to protect them?

you can't have it both ways - pick one.

The AA grandmother already gets a massive 50% property tax discount in DC just by virtue of being old.

https://otr.cfo.dc.gov/page/homesteadsenior-citizen-deduction

City services are not free. Old people need to pay their fair share. They can tap into the substantial equity of their home, if needed.

Or they need to move out and move on. Oldsters tend to be the NIMBYs who don’t want any change. They hoard their houses as they age in place which keep prices high for people who are looking for homes. Young people want smart geothermal, density, great restaurants and a vibrant DC - not tired places serving the ‘5 o’clock special’ crowd. Come to think of it, “aging in place” is a good description of much of DC. That needs to change.

Perhaps you can ship elders to special camps at x or y age so you have more homes to choose from

This is not an uncommon view from the Greater Greater Washington crowd.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Instead of increasing again the tax burden on residential property the mayor and council might consider eliminating some of the many substantial loopholes and special tax breaks that they have provided for commercial development in Washington.

Isnt this what liberals are asking for on the national level? Wonder why our very liberal council is not embracing that?

Because Mayor Bow-wow and much of the council are in the pocket of the commercial development interests that benefit from the special treatment and tax breaks.

[Anonymous]

You could easily protect anyone who happened to buy a house decades ago that’s now worth over $1 million by just setting a time limit and saying anyone who purchased more recently than XXXX date has to be subject to the tax. In that case, our home would almost certainly be taxed at the “mansion” rate within a few years from now — but since we’re fortunate enough to be able to have afforded an expensive home, I don’t have a problem with that.

It’s hard not to get the idea that a lot of the “concern” about how this would affect elderly residents is actually about how it would affect some wealthy younger ones.

[Anonymous]

Anonymous wrote:You could easily protect anyone who happened to buy a house decades ago that’s now worth over $1 million by just setting a time limit and saying anyone who purchased more recently than XXXX date has to be subject to the tax. In that case, our home would almost certainly be taxed at the “mansion” rate within a few years from now — but since we’re fortunate enough to be able to have afforded an expensive home, I don’t have a problem with that.

It’s hard not to get the idea that a lot of the “concern” about how this would affect elderly residents is actually about how it would affect some wealthy younger ones.

You could, but why? Let the markets work. We bought our million dollar home from people who bought it for $75,000 50 years ago. They were happy to have the money and moved to a smaller apartment complex nearby because they didn't need all the space because their kids were long grown. Win, win.

[Anonymous]

Mansion tax is dumb they should just increase the income tax again if they want to make the tax code even more progressive which is what most people in liberal DC really want

The reason council loves commercial is simple. They get more tax revenue to play with without the services. It's the same reason why they market for DINKs so much. Families and kids are expensive.