This is the part that struck me: "According to the local government’s property records, the building was worth $1.6 million for tax purposes. The tax liability on the property was $46,000 a year."
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.
MichaelRo · · focus · HN ↗
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.
BobbyTables2 · · focus · HN ↗
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.