Property tax Ponzi Scheme

[cashcatz]

This is becoming a problem. Property taxes EXPLODED starting around COVID times and have not abated:

 

[cashcatz]

https://appraisersblogs.com/inflated-prices-taxed-2-death

 

[cashcatz]

Good place to start on this:

The Growth Ponzi Scheme: A Crash Course

Ponzi schemes fail because they are built on illusions: there is no there there. So what happens when an entire continent of towns and cities is caught up in a kind of Growth Ponzi Scheme? We are finding out.

www.strongtowns.org

 

[James Mpls]

The entire fiat system, entitlements, etc are a house of cards and a Ponzi scheme. Unfortunately, only realized this 9 years ago. No one ever taught me s**t about investing, but I knew there was something important to “gettin’ a couple of those bitcoins”. Traded my bearer metals all in for cash and BTC 2 years ago…it was a good decision. BTC SO much more liquid than rocks…

 

[ucbruin]

Property values have increased....
And prices/costs of services have risen too....

 

[James Mpls]

Fiat is the ponzi. Bitcoin is the only fully decentralized, fully secure network with ultimate scarcity. People on this AF. And elsewhere still are stubborn and do not understand it. It’s not that Bitcoin is going up, it’s that our dollars are continuously being diluted/debased at 10-20% per year (The Fed #’s are BS). BTC had a 10-20X still left in it during the next few years….who’s coming with me?!

 

[Bobby Bucks]

Some say Bitcoin may eventually be our reserve currency and can actually save the country. Meanwhile I’m stacking Bitcoin and sats.

 

[Terrel L. Shields]

Property values have increased....
And prices/costs of services have risen too..

Correlated... So, every cost to the seller has to be passed to the consumer. Doubling the property taxes on say, a diner, has to be added to the menu. But what is the state spending the money on? Once they get the money, they are not about to let it be clawed back once their own costs are down. No. They spend it on something. New buildings, roads, salaries for the county judge's nephew in the road department? Let's pay the principal 6 x the average teacher salary, a new scoreboard for the football field, and, of course, the superintendent needs 20x the average teacher's salary.
As a senior my taxes are grandfathered in. But the minute I die my heirs will have to pay more than double the taxes. The assessment is wild. They'd be better to doze my house and barns and use the land for agri at agri rates. It will save them thousands. And my niece and nephews already are paying huge sums for modest homes and it is going up annually 10% because that's the max the state lets them. But if prices fall 20%, they still won't get a 20% reduction in taxes. It will just settle down to 1 or 2% one way or the other. And as it stands, I doubt prices will drop here in Wallyworld land.

 

[ucbruin]

Correlated... So, every cost to the seller has to be passed to the consumer. Doubling the property taxes on say, a diner, has to be added to the menu. But what is the state spending the money on? Once they get the money, they are not about to let it be clawed back once their own costs are down. No. They spend it on something. New buildings, roads, salaries for the county judge's nephew in the road department? Let's pay the principal 6 x the average teacher salary, a new scoreboard for the football field, and, of course, the superintendent needs 20x the average teacher's salary.
As a senior my taxes are grandfathered in. But the minute I die my heirs will have to pay more than double the taxes. The assessment is wild. They'd be better to doze my house and barns and use the land for agri at agri rates. It will save them thousands. And my niece and nephews already are paying huge sums for modest homes and it is going up annually 10% because that's the max the state lets them. But if prices fall 20%, they still won't get a 20% reduction in taxes. It will just settle down to 1 or 2% one way or the other. And as it stands, I doubt prices will drop here in Wallyworld land.

No one has to buy....
You often sound anti-capitalism....

 

[Bobby Bucks]

Fiat is the ponzi. Bitcoin is the only fully decentralized, fully secure network with ultimate scarcity. People on this AF. And elsewhere still are stubborn and do not understand it. It’s not that Bitcoin is going up, it’s that our dollars are continuously being diluted/debased at 10-20% per year (The Fed #’s are BS). BTC had a 10-20X still left in it during the next few years….who’s coming with me?!

Had a cookout with some friends last night, total of 10. 2 of us have already taken the orange pill. Bitcoin and crypto came up and it was so different than previous gatherings, they brought it up first, no negativity, only questions. Three of them have read the bitcoin standard and had questions. The most negative bitcoin guy in the group said it’s probably best to not invest more than 5% of one’s bag in crypto. The Bitcoin ETF wave is slowly, but surely rising.