By: Diane Benjamin
With all the local taxing bodies raising property taxes, the cost of rent and homes will continue to rise.
You are being taxed on unrealized gains. Your home is worth more but you will never see the profit unless you borrow against it or sell your home. Home Equity loans won’t be fun if the value drops.
How much have prices increased since 2018? The Illinois Policy Institute created a database you can check. Type your city in the search box:
https://www.illinoispolicy.org/heres-why-buying-an-illinois-home-can-be-hard/
.
Excerpt from the Illinois Policy story:
This inventory shortage creates fierce competition among buyers, driving prices higher as families bid against each other for the few homes that do come on the market.
Isn’t it funny that few ever blame the flood of illegal aliens for the housing shortage? They’re living somewhere, which means those places aren’t available to citizens. They also increase competition for housing, driving up prices. Are these facts too difficult for the media to report?
It isn’t racist to believe citizens deserve priority in their own country!
In Illinois citizens aren’t: https://www.fox32chicago.com/news/illinois-migrants-spending
And keep in mind, unless you die, downsize, or move in with someone else(kids), your “profit” on an overpriced house will immediately be consumed by the new expensive overpriced house you buy. It’s just trading essentially. Almost No one actually profits. Your realized capital gains are wiped out by the new home you buy, since everyone’s home prices are rising. It’s not wealth creation, it’s simply inflation on basic living expenses (for all but the Uber wealthy).
Property taxes are just plain annual extortion payments to your local neighborhood mafia (Schools, city, county).
Absolutely extortion either pay your taxes or the city will come in and sell your house out from under you.
America revolution coming someday unite everyone refuse to pay their house taxes and dare anyone from the city to sell your house. Won’t happen because there are so many rich leftists that will not join the cause! Just saying.