I don’t know if this is the right place for it, but an idea I’ve had:
Charge a high tax penalty on home ownership if the home is fully functional and livable, but spends over a certain percentage of the year unoccupied by any person as their primary residence (and a steadily accumulating tax for any home that spends too many years in an unlivable state)
This might put pressure back on landlords to put their homes on market for reasonable prices, instead of inflating their rents based on MBA recommendations long past what people can pay simply to “keep the property value high”. It would severely devalue the idea of owning homes the same way you would own piles of gold, as long-term investments people are hesitant to actually use.
How does one prove occupancy to show they aren’t subject to this tax?
How would the tax authority determine the same in order to prove noncompliance?
Does this effectively prohibit second and third homes? Am I allowed to put real property in a holding company?
I’m not trying to start a ruckus here, just asking questions. It’s a big problem but I’m not sure if tax is the solution. Usually when people suggest solving problems with taxes it isn’t fully thought through and doesn’t hold up to scrutiny.
I don’t know if this is the right place for it, but an idea I’ve had:
Charge a high tax penalty on home ownership if the home is fully functional and livable, but spends over a certain percentage of the year unoccupied by any person as their primary residence (and a steadily accumulating tax for any home that spends too many years in an unlivable state)
This might put pressure back on landlords to put their homes on market for reasonable prices, instead of inflating their rents based on MBA recommendations long past what people can pay simply to “keep the property value high”. It would severely devalue the idea of owning homes the same way you would own piles of gold, as long-term investments people are hesitant to actually use.
Would the tax be federal, state, or local level?
How does one prove occupancy to show they aren’t subject to this tax?
How would the tax authority determine the same in order to prove noncompliance?
Does this effectively prohibit second and third homes? Am I allowed to put real property in a holding company?
I’m not trying to start a ruckus here, just asking questions. It’s a big problem but I’m not sure if tax is the solution. Usually when people suggest solving problems with taxes it isn’t fully thought through and doesn’t hold up to scrutiny.