this post was submitted on 28 Jun 2024
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Economics
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The issue here is it’s hitting the tier of people who are just able to get in on a house purchase. Only to have that price raised on them after purchase, through taxes. Especially irksome when it’s known they’ve overpaid just to get a place to land. Will the taxes go down if they sell for less? Probably not.
More squeeze on the little guy.
If there's a threshold it may convince sellers to stay under it to avoid extra levies, e.g. $500k
Well it should at least be marginal like tax brackets not just +/- . Say tax starts at 500k. Then for a sale at 510k only that last 10k is taxed. So selling for more still nets more no weird spots where it makes sense to sell for less just to avoid tax.