How do We Understand Home Property Taxes & Unrealized Gains?
This was sent to me and is of interest to many Clever Journeys readers who are home owners.
“I’m being taxed on money I never made. Let that sink in. I bought my property outright for $138,000 in 2001. Now the county says it’s worth $246,000. Did I sell it? No. Did I make a profit? No. Did I get a check for $246,000? No.”
“But my taxes jumped like I did. That’s the problem. This isn’t income. This isn’t cash. This is a number someone decided on paper — and now I’m being billed for it.
If my stock portfolio doubles, I don’t pay taxes until I sell. If my income doesn’t increase, I don’t magically owe more income tax. So why does owning a home work differently? Why am I being taxed on unrealized gains?
A house isn’t just an investment — it’s where people live. And this system means you can do everything right, pay off your home, and still get squeezed harder every year because of a number you never turned into money.
You don’t truly own something if you can be taxed out of it. This isn’t about “services” or “inflation.” It’s about being charged for value you never received. And people are starting to notice.”
—From THE HUNTINGTON COUNTY INDIANA NEWS Steve Harrison · · OPINION…
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I do most sincerely hate property taxes. For at least 10 years, I protested on my own by comparing square footage, locality, and tax rates — all with minimal results. About five years ago, I hired a tax-protest company that was formed by the former tax assessor of Harris County and have seen some better results; however, I am still getting taxed on not the sale price but their county’s estimated value of my property. Furthermore, I think it is really pushed by the Democrats on the Harris County Commissioners Court.
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Well said! Yep, property taxes are often taxes on unrealized gains. It’s really unjust and unfair to spend an entire lifetime paying off a home, retire, and realize your taxes are now higher than your mortgage was. It’s especially awful in places where home prices are inflated and your 40 yr old double wide trailer is suddenly deemed a million dollar mansion. Some states do have programs to help low income seniors because some people were literally losing their homes to back taxes. Some people still do.
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