When you pause to think about it, Americans get taxed a ridiculous amount (surprising, I know). We get taxed for a litany of things; children, food, clothing, almost any purchase, cars, being able to drive our car, owning a business, being employed by a business, how much money we make, and countless other items. The one thing that continually frustrates me, though, is property.
In some well-to-do areas, citizens are taxed over 5% of their property value. The government (typically county or city) values your property for you, and multiplies the tax rate against the assessed value. Simple math tells us that for those who are taxed at 5%, owning a piece of land for twenty years sees them pay for their land twice (including mortgage), using the value that the authorities provided. If you own it any longer than that, you’re essentially paying rent to the tax leviers. Granted, the average property tax in the United States is considerably less than 5%, so adjust your math accordingly if you happen to live somewhere besides New York or New Jersey.
This leads to two questions:
1) Why is there a need to repeatedly pay for something that you’ve already purchased with your hard-earned money, especially in order to fund questionable functions such as public schools?
2) Using an eighty year old, a 2% property tax, and a property valued at $200,000 (which would likely fluctuate), this person will have paid $320,000 to their government of choice in a lifetime. How is this, or anything remotely similar, acceptable?
Definitely something to ponder.