Constitutional Amendment in North Dakota Would Abolish Property Taxes

Quote from gastropod:

Why don't any of you learn the terms: allodial and allodium ?
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Tell that to Native of American, and you should learn the word Eminent Domain. :D
 
Quote from misterno:

Property tax is the best and fairest system to raise funds for a county/city or state's budget as long as it is based on the value of the property.

If the property tax is abolished like in most 3rd world countries, then most funds will be collected from sales tax which is not fair.

I lived in a country where there is no propert tax and the government collects its funds from fundemantal necessities like gas water, cable bill, natural gas and so on. Gasoline is like $10/gal, 1 lbs of ground beef is like again $10/lbs

Because the govt has to collect taxes.

Property tax is a much better system because it is based on the property value thus rich people pay more than poor. Sales tax is stupid and impoverish the poor and enrich the rich. As a result I have seen rich people live in million dollar homes and pay no property tax and poor people were paying 10 dollars for ground beef and 10 dollars for 1 gal of gasoline, 2 dollar for bread because of high sales taxes to make up for no property tax.

Also, people had to pay 1-2-3% of the price of the house whenever they want to register a sale of property, 20 dollars for a form 500 dollars to connect water or electricity to your home. All these astronomical fees because of no property tax.

Property tax is teh fairest best system ever built to collect funds for local governments.

I wish we had property tax back home, there would be no poverty.
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I completely agree with you.

Why not abolish sales tax instead, like in Oregon?
 
If this passed ND would become the retirement capital of the USA.

Its a crying shame that retiree`s who live on a fixed income must pay property taxes which increase every year, while they must try and maintain a fixed budget.

At least with other costs of living you can make a choice. But if you dont pay the bill the jack booted thugs will come and steal your home you paid in for for 30 years...whatta country.
 
Quote from Crispy:

If this passed ND would become the retirement capital of the USA.

Its a crying shame that retiree`s who live on a fixed income must pay property taxes which increase every year, while they must try and maintain a fixed budget.

At least with other costs of living you can make a choice. But if you dont pay the bill the jack booted thugs will come and steal your home you paid in for for 30 years...whatta country.
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Who would want to move to ND ?

It is like moving to Inner Mongolia
 
Quote from Crispy:

If this passed ND would become the retirement capital of the USA.

Its a crying shame that retiree`s who live on a fixed income must pay property taxes which increase every year, while they must try and maintain a fixed budget.

At least with other costs of living you can make a choice. But if you dont pay the bill the jack booted thugs will come and steal your home you paid in for for 30 years...whatta country.
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Actually, it's just another nail in the coffin of home ownership. While I don't like most of what James Altucher writes, the piece about the perils of home ownership is pretty much point for point something I strongly agree with.

There's always some bought and paid for line of shit in the local papers about "rising rents" to scare people into the idea of going back in and buying some overvalued property, but it's still nonsense. If you are retired you can move just about anywhere and find someplace on its ass with cheap rents. Plus anybody with even the slightest understanding of "it's negotiable" can work over a landlord or property owner.
 
Quote from Grandluxe:

Who would want to move to ND ?

It is like moving to Inner Mongolia
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I wouldnt be oppossed to ND if on a fixed income. I would just drink more with the money I saved. :D
 
Quote from Crispy:

If this passed ND would become the retirement capital of the USA.

Its a crying shame that retiree`s who live on a fixed income must pay property taxes which increase every year, while they must try and maintain a fixed budget.

At least with other costs of living you can make a choice. But if you dont pay the bill the jack booted thugs will come and steal your home you paid in for for 30 years...whatta country.
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the crying shame is that the biggest portion of those RE taxes typically are school taxes. make no sense to retiree or single man to pay them..
 
Quote from Bob111:

the crying shame is that the biggest portion of those RE taxes typically are school taxes. make no sense to retiree or single man to pay them..
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This is true. And of that portion (75% on my local tax bill) 60%+ goes to pay pensions.
 
Most people do not understand or they refuse to acknowledge that fact that you never "Truly" own your land or home.

The Two Lofts I have, one in San Antonio (Up for sale) and the one I have in Austin, where I am relocating my home office to, I truly do not own. If I were to pay both off and end up loosing my net worth, they would kick me out if I did not pay the property tax.

The idea as the 'Home" as an investment is a flawed model and it is even more flawed in the current trending economy.

Home prices are still falling, Bank Lending Rules just got tougher and will even be more difficult due to the new "Risk" rules on banks and inventory is saturated.

The only way I see "RE" as an investment is if you buy a building for commercial or an apartments , pull in Income with profits every month and make sure the commercial RE is a triple net lease..

Other wise, it's a pipe dream.
 
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