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Do you mean a general sales tax on all purchases or a tax on a house when sold?
10 % sales tax on resold homes and maybe a higher tax on new construction, single or multi family. But, there would be no yearly property tax. Yearly resales and new construction would fuel the income whether prices go up or down.
10 % sales tax on resold homes and maybe a higher tax on new construction, single or multi family. But, there would be no yearly property tax. Yearly resales and new construction would fuel the income whether prices go up or down.
So you’re going to penalize first time home buyers by putting a 10% tax on the transaction? Fine public policy, not. We already have an enormous middle class housing affordability problem. Nationally, prices have almost doubled in the last decade.
There are places taxing foreign investor transactions like that. Canada is now doing it for the whole country, I believe. Vancouver has had a 15% non-owner occupied tax for several years to try to slow down their crazed housing market. The Chinese have been buying everything. My sister’s Vancouver house is worth $3 million as a teardown. 33’ frontage lot on a leafy street with alley parking behind the house. The houses on either side of her were sold to Chinese developers, scraped off the lot, and replaced with new houses with Chinese features like a second wok kitchen.
In my opinion, the problem is using property taxes to fund K-12 at the town level. The affluent towns become fortresses keeping those undesirable poor people out since they’ll contaminate the school system. Try putting an affordable housing project in Barrington and see what happens. It’s great if you own in Barrington. Not so great if you’re over the line in East Providence. All of southern New England has the problem.
So you’re going to penalize first time home buyers by putting a 10% tax on the transaction? Fine public policy, not. We already have an enormous middle class housing affordability problem. Nationally, prices have almost doubled in the last decade.
There are places taxing foreign investor transactions like that. Canada is now doing it for the whole country, I believe. Vancouver has had a 15% non-owner occupied tax for several years to try to slow down their crazed housing market. The Chinese have been buying everything. My sister’s Vancouver house is worth $3 million as a teardown. 33’ frontage lot on a leafy street with alley parking behind the house. The houses on either side of her were sold to Chinese developers, scraped off the lot, and replaced with new houses with Chinese features like a second wok kitchen.
In my opinion, the problem is using property taxes to fund K-12 at the town level. The affluent towns become fortresses keeping those undesirable poor people out since they’ll contaminate the school system. Try putting an affordable housing project in Barrington and see what happens. It’s great if you own in Barrington. Not so great if you’re over the line in East Providence. All of southern New England has the problem.
There is affordable housing in Barrington off Washington Road and apartments on Bay Spring, probably in the former mill building. Also along Sowams Road. But, what is considered affordable housing in Barrington does not translate into the same pricing as in the inner cities.
I get that it's a great location (though it doesn't go all the way through to Benefit Street), but what's so special about this house?
I think the price seems about right all things considered. The market is still nuts, the location is great, it's designed by an internationally renowned architect (that matters to some), it's pretty big, it has a unique and thoughtfully laid out interior, great views, etc.
I think the price seems about right all things considered. The market is still nuts, the location is great, it's designed by an internationally renowned architect (that matters to some), it's pretty big, it has a unique and thoughtfully laid out interior, great views, etc.
Thanks for posting the Zillow link. The house really is impressive. There's even an elevator. The street view of the garage had given me the impression that it was run down.
House prices are determined mostly by comps unless a seller is being ridiculously unrealistic. I'm not seeing any evidence of that. There are very few houses for sale and very high demand.
According to this article, there are now more licensed realtors in RI than there are houses on the market. Lowest number on market in my 40+ memory.
House prices are determined mostly by comps unless a seller is being ridiculously unrealistic. I'm not seeing any evidence of that. There are very few houses for sale and very high demand.
Indeed. While the lack of inventory & high interest rates have calmed much of the rest of the state, the East Side is still on fire.
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