"Minnesota homeowners have been receiving their preliminary estimated property tax bills for 2020.
Many of them are unhappy.
Star Tribune Editorial Board member Patricia Lopez tweeted
Those of an uncharitable frame of mind might point out that if you continually endorse candidates who say they will put your taxes up you can’t get upset when they put your taxes up...
- Wealth is not the same as income
Property taxes are a form of ‘wealth tax’, they are levied based on some assessment of the market value of an asset you hold....But you cannot pay your tax liability with these assets – the authorities will not accept $3,000 worth of bricks from your house in settlement of a $3,000 property tax bill. Your tax liability has to be settled in cash. And, while your assets may have increased in value by 6%...there is no guarantee that your cash holdings will have increased at a similar rate...
...Property taxes illustrate the problem with ‘wealth taxes’ more generally.
They seek to raise cash based on an assessment of the notional value of assets but your access to cash is not always congruent with your access to assets."
Read all.
...Property taxes illustrate the problem with ‘wealth taxes’ more generally.
They seek to raise cash based on an assessment of the notional value of assets but your access to cash is not always congruent with your access to assets."
Read all.
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