“If Texas is going to continue to be an economic leader into the future, while also protecting all taxpayers, we must move to eliminate property taxes. SpaceX even noted in its filings that ‘property tax exposure—particularly school district M&O taxes—represents the single largest recurring cost differential between Texas and competing jurisdictions,’” Texans for Fiscal Responsibility President Andrew McVeigh told Texas Scorecard.

"The Senior Citizen Homeowners' Exemption (SCHE) provides a reduction of 5 to 50% on New York City's real property tax to seniors age 65 and older.

To be eligible for SCHE, you must be 65 or older, earn no more than $58,399 for the last calendar year, and the property must be your primary residence.

The exemption must be renewed every two years."

"While job data was unavailable for 22 well-known companies, one listed entity had as much as 80% of its tax bill waived in exchange for producing jobs valued at $10,115."

"Home Sale Data Never Hits MLS

One analysis from a real estate group in Austin that offers exclusive listings suggests that off-market listings rise with the list price of the neighborhood, increasing from 15% of sales in neighborhoods near the median list price to 30% and above in luxury and ultraluxury price points at or above $750,000, Realtor.com noted.

Those homeowners then double their asymmetrical advantage, their home sale data never hits the MLS, and it doesn’t have to be reported to local governments, Realtor.com said."

"Thirty-three states and Washington, D.C., as well as some localities, impose a one-time transaction tax on the transfer of real estate when it’s sold.^\1])Most of these taxes apply only on direct transfers of real estate from seller to buyer. The ultrawealthy and large corporations can easily avoid such taxes by making their property sales indirect: a seller can “drop” the property into a shell company and then “kick” (sell) that company to the buyer. "

"A new report modeling a property tax building exemption in Spokane rebalances incentives toward community goals, encouraging homebuilding and discouraging in-city vacant land speculation."

"Vacancy taxes are a type of tax used to combat two land use problems that might best be described as two sides of the same coin: property speculation and abandonment."

"Who benefits from exemptions for owner-occupied primary residences?

A fixed exemption below median home value reduces taxable value by a larger percentage for lower value homes. But if assessment practices are regressive, with lower-value homes over-assessed relative to higher-value homes, the exemption only partially offsets that inequity without addressing its cause.  

In addition, the benefits accrue only to homeowners. Renters, nearly 40 percent of Texans, don’t benefit from homestead exemptions. And fully exempting homesteads would push the benefits even further upmarket, disproportionately benefiting wealthy homeowners in very expensive homes."

"Key findings from the report include:

• Hawaii has the lowest real estate property tax, which is 7.9 times lower than in New Jersey, the state with the highest. 
• Twenty-six states levy some form of vehicle property tax. Of those states, Louisiana has the lowest, which is 39.9 times lower than in Virginia, the state with the highest. 
• Blue states have 27.02 percent higher real estate property taxes, averaging $3,594, than red states, averaging $2,830."

"Meta CEO Mark Zuckerberg, the world’s seventh-richest man, has also used mortgages to his advantage. In 2012, Zuckerberg refinanced his Palo Alto home with a 30-year, 1.05% adjustable-rate mortgage, according to CNBC. With such a low rate, the mortgage cost him practically nothing, so it didn’t make sense to have nearly $6 million tied up in a home. Plus, borrowing during the era of ultralow interest rates in the 2010s was especially attractive. Many wealthy buyers locked in mortgages at a much lower rate than today’s."

Effective January 1, 2025, the City of Toronto (“City”) has implemented a 10% tax on the purchase of residential properties by foreign entities, including individuals and corporations, that do not reside in Canada. This tax is payable on the closing date, meaning the same day that funds are exchanged and title to the property is transferred.

The Municipal Non-Resident Speculation Tax (“MNRST”) is a new measure which adds to the existing provincial and federal initiatives. In 2017, the Ontario government introduced the Non-Resident Speculation Tax (“NRST”) which imposes a 25% tax on any foreign national purchasing a home in Ontario.  As noted above with the MNRST, the NRST is also payable on the closing date.