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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]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[/quote]

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.[/quote]

This.   [/quote]

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

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. 
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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.[/quote]

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.[/quote]

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.    [/quote]

Someone with a million dollar home isn't "working class."  If they're finding their taxes too expensive, they can sell their home and gain hundreds of thousands of dollars in equity to buy a new home that doesn't qualify as a "mansion."[/quote]

But don’t you see that this is exactly what forces people in the neighborhoods that are gentrifying to sell? Prices go up and original owners are forced to leave homes their families have owned for generations because they can’t afford the property taxes. This is either a good thing or a bad thing, it can’t be both. I personally think people having to leave their homes because property values have skyrocketed and they long ago paid off their homes and now can’t afford the taxes isn’t a good thing.[/quote]

I agree with PP.  [b]I think the supporters are somehow drawing a distinction between a couple who purchased their house maybe 10-15 years ago in a hot neighborhood (i.e., big equity in house) and an older couple who purchased their house many decades ago or even inherited the house in the same neighborhood (i.e., bigger equity in house).  [/b]Seemingly, supporters are sympathetic to latter but not former.  An answer is to tie real property taxes to inflation for principal residences, so that taxes do not increase faster than inflation, which presumably is less than increase in property values.  Any homeowner should expect property taxes to increase by inflation.  Principal residences should be tied to those who file DC income taxes.
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They are.  Care to guess why?  [/quote]

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