KILL THE PROPERTY TAX
Sponsored by TEXAND Corporation
The tax man, he doth cometh, A ha’penny for the king. If ye have naught to giveth, The deed to yer hovel bring. (Anon)
If you belong to FaceBook, enter #EleminatePropertyTax. This is a great grass-roots orginization dedicated to contacting our congress to eliminate the feudalproperty tax system. We can make a difference. Please join and support. NO RELIEF NO REFORM #EliminatePropertyTax
THE AMERICAN DREAM You can not own property in the United States of America. You can not buy it. You may only rent it from your county and city bureaucrats in the form of a property tax. And the rate is high and the penalty for non-payment is severe. You miss your rental payment and you are evicted for tax foreclosure. You lose everything you have invested in “owning” your property. The rental payment will surprise you. As an example, you purchase a nice home in Denton, Texas in 2000 for $ 175,000. The tax rate in Denton has been more or less stable since then at 2.5 % of the appraised value. Sounds good, nice low rental rate of only 2.5 % of your purchase price. Wrong! It is 2.5 % of your appraised value, that which mysteriously appreciates every year even though the paint is peeling, the concrete cracking and the walls settling. But to the rescue, the state says you can NOT increase the appraisal by more than 10 % per year. Oh, such bureaucratic generosity, why in just 17 years, you have only paid out in rent: (Purchase $)(Tax Rate)[1.0 – (1.10)^17]/[1.0-(1.10)] And in this case, in 17 years you will have paid the locals your entire purchase price of $ 175K in property taxes. If you live there for 34 years without loosing your home to tax foreclosure, will you pay twice your purchase price (2 x 17)? No, it is not linear. By then, you will have paid over a Million Dollars in property taxes on your original investment of $ 175K. If we add in inflation at 3.5 % per year, the picture becomes even more dismal. It should be clear that AN ASSET TAX IS AN INFLATIONARY TAX Another grievous example of a property tax is the inventory tax. A merchant has his inventory taxed at a certain time every year. The merchant employs sophisticated software to keep his inventory at a minimum. What happens? Trucks run up-and-down the highway day and night adding inflation costs and a huge carbon foot print. But the worst is the doling out of tax abatements by the city council to industrial cronies who will make the city gorw (four-letter word). This shifts the tax burden to the little people such as you and I. A city should gro on its merits and not by favoritism to others.
#EliminatePropertyTax on Facebook has some excellent, sound fiscal procedures to replace Property Tax that do not include an income tax, that will benefit all, and will remove this candy-jar collusion between school boards, appraisal districts, and city/county taxes. John T. Thorngren, President TEXAND Corporation Your thoughts and help are graciously requested: e-mail Me This sight under construction Last revision: 12/11/2019