Episode 1334
What actually determines the tax bill on your home? In this episode, we dive deep into the complex world of property tax, an ad valorem levy based on the value of real estate that funds local governments around the globe. We break down the mechanics of how these taxes are calculated using assessed values and "millage" rates, explaining why your bill might differ significantly from your neighbor's.
Join us for a global tour of taxation systems, contrasting the United States—where property tax is the primary support for local infrastructure and schools—with unique international models. We explore the United Kingdom's "Council Tax," which is levied on residents rather than owners, examine Germany's recent constitutional reform of outdated property values, and discuss why homeowners in China generally pay no property tax at all.
We also travel back in time to the origins of taxation 6,000 years ago in the ancient city-state of Lagash and revisit the fierce early American debates between Alexander Hamilton and Thomas Jefferson regarding federal versus local revenue. Finally, we address the modern criticism that property taxes effectively turn homeowners into renters of their own land, with the threat of eviction for non-payment looming over property rights. Whether you are a homeowner, a history buff, or looking for a place like Malta or the Cook Islands where these taxes don't exist, this episode has something for you.
Published on 11 hours ago
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