This is not a thread about US or any countries particular laws-but a general observation.
The perceived advantage of investing money into real estate –over a longer period- seems attractive to 95% of home or property buyers.
If one takes the pain to scratch the surface of the life of a normal European property (not a US home built in wood and meant to last for 15 years..),one comes to a staggering conclusion..
Say a home built by grand –grand parents of a French farmer somewhere in the French country-side..
The house was maybe built at 1750 ( not so old for European conditions ..)
So it has been sold at least 8-10 times. Each time the state takes a tax on the sale of the property. Since 50 years at least owners have to pay a property and housing tax ,amounting to typically 0.7- 1% of the value of the property (some countries even 1.5-2%/year !)
Sales taxes and “notaires fees” are typically 6-12% for each sale ,depending on the country you live. Having worked in real estate for some years ,I’m always astounded to see the value the state cashes for some larger properties ,that are sometimes sold just after two ,three years.
I know of homes that have been sold three times within seven years ,each time providing 6.7% revenue to the Tax-office, without taking into account the housing taxes and other taxes paid in the meantime .The state also takes tax on added values of home-sales ( 26% in France ) – so if ones considers the cost of ownership of homes ,they are just frightening !
Most homes bring more likely as much value to the state than they are worth to the owners !
You own land-you have to pay for ownership – why ???
People have to pay already taxes on their salaries before they purchase property- so why on earth do we have to pay additional taxes on something we bought with already taxed money ?
If people would refuse to pay property tax world-wide and globally-what could the states do ?