Ghost wrote:Property rights in the U.S. have not existed at least since the start of property taxes. No one in the U.S. is allowed to truly own their land, and therefore cannot own their own homes. Third world may not have much, but they at least own their little plots.
Very good point and I was thinking along same lines. Residential town and city property taxes in USA typically run around 2% of market value per annum but can vary from 0.5% to as high as 7% or more depending on various factors. If you don't pay those taxes, your equity will be quickly eroded. Owe IRS? They too can grab your property.
Many other countries I've checked out have property taxes too. But they are just a fragment of USA levels. Taxes are usually levied mainly when property is sold to a new party. If say you own a condo in Thailand, you don't have to pay anything to the government. There's only a tax when you sell the property to a new party. I'm not sure whether or not any tax is levied when you die and pass it on to your heirs though.
Now farmland in USA is also taxed at much lower rate. But it's still taxed.
For an individual to truly own property, there would be zero property taxes levied at federal, state, or local level. Property ownership in USA is largely an illusion. There are many good arguments for being a permanent renter.