CrimeDad on Nostr: This is a pro-'tax property as income based on imputed rent' account. In other words, ...
This is a pro-'tax property as income based on imputed rent' account.
In other words, if you own a vehicle that could reasonably be leased for $200 a month, then that's $200/mo that should get added to your gross income and taxed accordingly. Likewise, if you own a house that would otherwise be rented out for $2000/mo, that amount gets added to your taxable income. No other property taxes should be applied.
My reasoning is that property taxes are typically flat and therefore regressive; they're unfair to people who have lower incomes. Also, imputed rent is already income. Property taxes are just a fragmented, roundabout way to try to capture that revenue.
In other words, if you own a vehicle that could reasonably be leased for $200 a month, then that's $200/mo that should get added to your gross income and taxed accordingly. Likewise, if you own a house that would otherwise be rented out for $2000/mo, that amount gets added to your taxable income. No other property taxes should be applied.
My reasoning is that property taxes are typically flat and therefore regressive; they're unfair to people who have lower incomes. Also, imputed rent is already income. Property taxes are just a fragmented, roundabout way to try to capture that revenue.