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Property tax

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  • 05-08-2019 2:56pm
    #1
    CoffeeBean2
    Registered Users Posts: 104 ✭✭


    There was a discussion in another thread about when do you own your property outright, during or after your mortgage is paid back.

    This made me think about property tax, you are on the hook for the full tax regardless of having a 90%, 50%, or 0% mortgage. This does not really seem to be fair. Also, this is based on the estimated value of your property regardless of not knowing the real value as you may never sell.

    I understand that if you do sell down the road, it would be clear if you under reported the value of your house, but is that possible if you never sell?

    As a comedian said, it's really nice of the government to tell me that my house price increases every year, but no so nice when they tell me I now owe them more tax.


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    #2
    L1011
    Registered Users Posts: 68,786 ✭✭✭✭L1011


    You are "on the hook" for the full property tax as you own the house - this idea of "the bank owns the house" when you have a mortgage is entirely inaccurate.


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    #3
    CoffeeBean2
    Registered Users Posts: 104 ✭✭CoffeeBean2


    L1011 wrote: »
    You are "on the hook" for the full property tax as you own the house - this idea of "the bank owns the house" when you have a mortgage is entirely inaccurate.

    Property tax was brought in as a wealth tax, clearly if your house is valued as X euro, that does not mean you have a wealth of X euro if you have a mortgage to pay back.

    It is remarkable how you misinterprete so many posts, I never said anything about banks owning your house in the context of my post other than to say that other conversation made me think about property tax!


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    #4
    Stanford
    Registered Users Posts: 1,181 ✭✭✭Stanford


    CoffeeBean2 wrote: »
    Property tax was brought in as a wealth tax, clearly if your house is valued as X euro, that does not mean you have a wealth of X euro if you have a mortgage to pay back.

    It is remarkable how you misinterprete so many posts, I never said anything about banks owning your house in the context of my post other than to say that other conversation made me think about property tax!

    Whoa!! Thats a bit nasty for someone just offering an opinion


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    #5
    riclad
    Registered Users Posts: 8,184 ✭✭✭riclad


    It costs money to build road,s , install services to new estates , and put in water pipes , street lights .
    IF someone has a mortgage on a house its, likely most people will
    own the house at some point.The property tax is a fair way of raising revenue .
    We have a national debt of 200 billion plus.
    Once a tax comes in theres very little chance it will be reduced or
    cancelled .


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    #6
    L1011
    Registered Users Posts: 68,786 ✭✭✭✭L1011


    CoffeeBean2 wrote: »
    Property tax was brought in as a wealth tax, clearly if your house is valued as X euro, that does not mean you have a wealth of X euro if you have a mortgage to pay back.

    It is remarkable how you misinterprete so many posts, I never said anything about banks owning your house in the context of my post other than to say that other conversation made me think about property tax!

    Rein in your posting style or stop posting.

    Additionally, it was not introduced as a wealth tax.


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    #7
    CoffeeBean2
    Registered Users Posts: 104 ✭✭CoffeeBean2


    riclad wrote: »
    It costs money to build road,s , install services to new estates , and put in water pipes , street lights .
    IF someone has a mortgage on a house its, likely most people will
    own the house at some point.The property tax is a fair way of raising revenue .
    We have a national debt of 200 billion plus.
    Once a tax comes in theres very little chance it will be reduced or
    cancelled .

    Money does indeed need to be raised, that can be said about any tax. But the gov introduced a lot of these new taxes as progressive.

    People who own their house outright are in a better position to pay a tax on the wealth they own rather than someone who has to pay a tax on theffull cost of something they do not yet fully have.


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    #8
    Fol20
    Registered Users Posts: 3,624 ✭✭✭Fol20


    L1011 wrote: »

    Additionally, it was not introduced as a wealth tax.

    Why was property tax brought in as I always viewed as a wealth tax.


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    #9
    L1011
    Registered Users Posts: 68,786 ✭✭✭✭L1011


    Fol20 wrote: »
    Why was property tax brought in as I always viewed as a wealth tax.

    To partially reverse the FF decision in '77 to move local expenditure to the national balance sheet


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    #10
    CIARAN_BOYLE
    Registered Users Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    Property tax is not a wealth tax. The argument that it should be a wealth tax is a different one that may be more appropriate to the politics forum.


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    #11
    CoffeeBean2
    Registered Users Posts: 104 ✭✭CoffeeBean2


    L1011 wrote: »
    Rein in your posting style or stop posting.

    Fair enough, sorry about that.


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    #12
    DubCount
    Registered Users Posts: 1,089 ✭✭✭DubCount


    CIARAN_BOYLE wrote: »
    Property tax is not a wealth tax. The argument that it should be a wealth tax is a different one that may be more appropriate to the politics forum.

    +1

    A true wealth tax would consider debt, and assets other than property (business assets, cash deposits etc). Property tax is more to do with raising money for local authority services, which everyone uses regardless of how much of a mortgage they have.


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