Uhhh no… the value of your house is what somebody might buy it for IF YOU SOLD IT. Until you actually do sell it, you don’t get that money or “make money in real estate”. As I said, taxing you at the point where you sell the house would make sense to me - because that’s when you’re actually getting money. The way property taxes are now, people are being taxed on money they might hypothetically get in the future.
Now it’s true that you can borrow against your home value - this is known as a home equity loan or a line of credit. So you potentially have that available - but even that is not “making money in real estate”, it’s borrowing money that you have to pay back.
Now it’s true that you can borrow against your home value - this is known as a home equity loan or a line of credit.
That is literally how every billionaire funds their lifestyle, just borrowing against stocks instead of home equity. If people with $4 million homes are not rich, then neither are most billionaires.
It’s also NOT literally how a typical homeowner lives their life. Those are the people I’m talking about, who are being taxed on money they don’t have.
Uhhh no… the value of your house is what somebody might buy it for IF YOU SOLD IT. Until you actually do sell it, you don’t get that money or “make money in real estate”. As I said, taxing you at the point where you sell the house would make sense to me - because that’s when you’re actually getting money. The way property taxes are now, people are being taxed on money they might hypothetically get in the future.
Now it’s true that you can borrow against your home value - this is known as a home equity loan or a line of credit. So you potentially have that available - but even that is not “making money in real estate”, it’s borrowing money that you have to pay back.
Srsly, what grade are you in?
That is literally how every billionaire funds their lifestyle, just borrowing against stocks instead of home equity. If people with $4 million homes are not rich, then neither are most billionaires.
It’s also NOT literally how a typical homeowner lives their life. Those are the people I’m talking about, who are being taxed on money they don’t have.