Auto TAXATION: Should it be law that taxation stops when total paid amount exceeds value of item taxed?
Posted by:
uncle sam
()
Date: January 16, 2018 05:08PM
QUESTION: if, due to "high taxation", you've paid as much in taxes as you did when you bought a thing (note also your income was taxed - add that in!), should you be forced to continue paying property tax? The question is simple: at the 20 year mark for an automobile you've bought the government a car for the privilege of driving a car.
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Real estate tax rate of $1.13 per $100 assessed value of your home. So if your in a $500,000 home or $1,000,000 home it's still 89 years until your tax payments equal the property value. Since very few people are in a home paying property tax 89 years, very few hit the "paid double" mark or %100 taxation mark.
The tax rate for most vehicles is $4.57 per $100 of assessed value. This means in 21 years the value of the car is the same as taxes paid. But because a car may be used and differently assessed (as in my case), one may be paying a higher assessed value - the magic %100 taxation level arise much sooner.
QUESTION
If, due to "high taxation", you've paid as much in taxes as you did when you bought a car (note also your income was taxed - add that in!), should you be forced to continue paying property tax? The question is simple: at the 20 year horizon you've been taxed %105, you've bought a car for someone else and are paying repair bills on the car you have. Should the taxes continue? And if they do, do you really have any "property rights" in USA?