Computer Reset, Dallas(dfarq.homeip.net) |
Computer Reset, Dallas(dfarq.homeip.net) |
Kind of sad, I think I would have very much enjoyed the place if I had known about it.
Do I read this right that the owner of that building would be owing 2.875% tax per year on the market value of the building?
Because that would be in line with what I hear about US property tax and seems insane to me. At that rate you're not owning anything, you're renting. At that rate that's not the land of the free, that's a lifetime of indentured servitude.
Counties are very aggressive at updating appraisal values.
Property tax used to be deductible for Federal income tax purposes but effectively no longer — from a bizarre effort to spite the “blue” states.
For reference, I pay about 0.1% property tax (live in Romania), while income tax is about 43%. For $100 I make, I get to take home $57, forget all the "you're only paying part of tax, employer pays another. No, I pay everything because without me there's no income, I can't believe some people still fall for "Out of $100 I take home $1 but I live in a tax paradise because I only pay 1% tax although company pays 98%. But that's the company, not me".
So while the level of income tax is definitely nothing I'm happy about, at least once I draw a net salary, it stays on me. At least I don't have to rent my own apartment from the state after I already paid an arm and a leg to the bank for it in real estate mortgage. Same goes for land and I mean arable land, of which I own some 10 hectares (well shared with my 2 brothers). Not only I'm not losing money on it, I actually get subventions for cultivating it (again, outsourced, I'm not working it myself but lending it to someone who does it, while the terrain retains / increases in value - never in the history of humanity has arable land in a viable area decreased in value over time).
"A 10-hectare (about 24.7 acres) piece of land in Texas typically costs between $40,000 and $430,000, depending heavily on the location and region." says Google AI. Well, where I live it's around $100k. At least I wouldn't sell it for less, not that I would sell it. If I sell it, I have money for a day then inflation and bad investment makes it disappear. Not to mention that it's a highly asymmetric market: I can sell the land in no time but even if I have money, A LOT OF MONEY, people won't sell. Maybe for 3x-5x the market value, some might be tempted. Which suddenly raises my non-liquidation value of the land to about how much it values in Texas.
People think TX is some libertarian utopia because it has no personal income tax on a W2 salaried person, but do the full cost of living comparison with property taxes and other taxes, vs what you would calculate as a total in states that do have income taxes (such as OR).