I live in an apartment overlooking a wooded creek. On the other side of the creek are million dollar homes. Just for kicks I went online and looked up the amount they are paying in property taxes and it’s $20,000-$30,000/year which is 2-2.5% depending on exemptions here in Texas. These are nice houses, but not mansions. They had to pay a million dollars in cash or had to go into debt to buy these houses and for all that they get the right to pay the government thousands of dollars each month in property taxes, which is 3-4x as much as I pay in rent alone. This state is supposed to be low tax, because it doesn’t have an income tax but property taxes have gone up so much that they’ve largely compensated for that. My ultimate question is, when in order to live in your house you have to pay the government $20,000-$30,000/year, do you really own it?
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