An how do you pay taxes with equity...
PeterG wrote...
"But on the other hand, your land is now worth 20X what was paid."
Yup. SO what? That's a paper profit you can't pay your taxes with. And you don't realize that benefit until you sell. So, you sell your beloved Winnipesaukee prop. (pay cap gains tax) and move so someone more wealthy can move in? Thus making the town more wealthy for future tax increases.
And I still don't understand why a town has to raise taxes when their expenses have not gone up accordingly? Thus making the town more wealthy. Money to the Government, is like a heroin addiction. Always need more to achieve a better high.
California's Prop. 13 should be studied.
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Gary
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