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@MoreBirths
An important new paper by the Institute for Family Studies shows how low property taxes are actually negative for families and fertility. In essence, seniors are incentivized to hold much larger houses than they need while young people are priced out of those houses. 🧵
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Brad Wilcox
@BradWilcoxIFS
“Property tax carveouts overwhelmingly tax young families to subsidize everyone else.” @lymanstoneky @FamStudies ifstudies.org/blog/cutting-p
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David Watson 🥑
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More Births
@MoreBirths
Most negative for fertility are property tax carve-outs for seniors, who tend to be much wealthier than young people and have the larger houses that young families really need (RedFin). That shifts the tax burden onto young people and families, who are often struggling. 2/3
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More Births
@MoreBirths
It is true that all those big single-family homes currently owned by empty nesters will eventually be inherited by Millennials and Gen Z. But by then it will be too late, because their childbearing years will already have passed. 3/3
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Travis Potter
@Tpot244
Agree this is a problem. It's a big reason why states like Texas—with higher land taxes but lower taxes overall—tend to have higher fertility rates.
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Jon Real Estate Guy
@thewootini
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Grey Area
@gcugrey_area
Don't really care. Property tax should not be a thing, you should actually own property you own forever, or until you sell it (property with no heirs can be auctioned off).
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Mistake not...
@mnmcsofgp
It wasn't that long ago there was a huge fight about how property taxes decreased the initial price of housing on X. Sigh
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wifarm
@wifarm156721
Apparently never been to a trailer park. Maybe count the babies in gvt paid housing, then count the babies receiving welfare.
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Mazen Skaf
@skaf777
Focusing solely on the #property tax and regulations that tie prop tax payments to purchase price is a partial approach… rentals can provide a solution and if young families are given the incentive to deduct a portion of the rent costs for their primary residence (equiv to the
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@CA_Insider
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ListlessMan
@MannOhneListe
Incredibly weak correlation and clearly affected out outliers at the left-hand side of the X axis and by a lack of data points at the right-hand side.
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Donal
@Spelt_D_o_n_a_l
Funny how the solution to “My Property Taxes are too high” is never “how do I stop my property value going up”?
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Dog 🐺
@dog_domain
wait what about land value taxes? replace property with land value taxes. Does the graph change?
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Trader
@StockTr22398551
Disagree. 1. Dearth of small homes for seniors to downsize. 2. Emotional attachment > tax savings. 3. Big home for family get together > tiny apt for 2. 4. Downsize = expensive move, draining to rid of stuff. 5. Not much savings in downsizing tbh so why bother? Conflated data?
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ThermoValue
@ThermoValue
Quite a weak correlation if you are trying to extract any from those points. On the other hand taxes as a percent of the gpd are strongly negatively-correlated to birth rate
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nicole
@bibliographing
All we have to do is stop paying for parents to warehouse their kids and we can dramatically cut property taxes for everyone.
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TheCoomerGremlin
@CoomerGremlin
Yes, but if they built more homes than that would somewhat remedy the problem because then it would not matter as much if senior citizens held onto their homes for a longer period of time.
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Jon Real Estate Guy
@thewootini
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994K
TheWhiteBanner
@enochhowl
Think this may be confounded by no reasonable senior wanting to be serviced by barely competent POC in nursing homes. If we had elegant & comforting senior and end-of-life service infrastructure, I bet seniors would sell or pass down the house more often.
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K Lynx
@KLynx9
God forbid the elderly live out their last days in their home full of memories.
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Bry
@Bry_Peacenik
You mean having a big difference in the amount of property taxes paid between generations affects the ability for future generations to form?
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Discount Zelensky
@KaiserWilh50844
That is retarded. In most of the US, property taxes are around 10% of yearly property ownership costs. And your argument is like saying "low interest rates are bad for families", basically judaism in a sentence.
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CommonSense
@politicalindept
Data isn’t always interpreted right. This is one example where common sense beats data. Just look at countries with lower property taxes.
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Cory Adam
@CoryAdam12
Make it so that you don't pay property tax is you have x number of children. Make each child a percent knock off of property tax. Even For rentals for Apartments.
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