I lived in Dallas for three years, and yet somehow I had never heard of this place until I saw the LGR video about it closing, at which point I had run away to NYC
Kind of sad, I think I would have very much enjoyed the place if I had known about it.
> The tax liability on the property was $46,000 a year.
People think TX is some libertarian utopia because it has no personal income tax on a W2 salaried person, but do the full cost of living comparison with property taxes and other taxes, vs what you would calculate as a total in states that do have income taxes (such as OR).
This is the part that struck me: "According to the local government’s property records, the building was worth $1.6 million for tax purposes. The tax liability on the property was $46,000 a year."
Do I read this right that the owner of that building would be owing 2.875% tax per year on the market value of the building?
Because that would be in line with what I hear about US property tax and seems insane to me. At that rate you're not owning anything, you're renting. At that rate that's not the land of the free, that's a lifetime of indentured servitude.
Brings back memories of the computer show underneath the highway in Dallas.
I lived in Dallas for three years, and yet somehow I had never heard of this place until I saw the LGR video about it closing, at which point I had run away to NYC
Kind of sad, I think I would have very much enjoyed the place if I had known about it.
> The tax liability on the property was $46,000 a year.
People think TX is some libertarian utopia because it has no personal income tax on a W2 salaried person, but do the full cost of living comparison with property taxes and other taxes, vs what you would calculate as a total in states that do have income taxes (such as OR).
This is the part that struck me: "According to the local government’s property records, the building was worth $1.6 million for tax purposes. The tax liability on the property was $46,000 a year."
Do I read this right that the owner of that building would be owing 2.875% tax per year on the market value of the building?
Because that would be in line with what I hear about US property tax and seems insane to me. At that rate you're not owning anything, you're renting. At that rate that's not the land of the free, that's a lifetime of indentured servitude.
Texas has no income tax. It makes up the difference with sales tax and an unusually high property tax.
Please tell this to your local georgist thankyou.
Yeah, or you can sell.