B. Lorenzo Buckinchere
Aug 17, 2025
In last week’s article, I addressed the topic of corporate marriage, and how there are in fact more than one type of marriage to consider avoiding if you are a man going his own way. I recommend that you go back and read that article if you want the context of that message.
But similar to avoiding corporate marriage, first time homeownership is also on the decline. People are just not buying single-family homes like they used to, and homeownership is only going to continue declining for the foreseeable future. There are several reasons why this is so. Such as; remaining in bachelorhood and not producing families, and unexpected repairs among other headaches that comes with owning one’s own home.
Even so, the most notorious reason why people are not buying homes like they used to are property taxes. But do property taxes even make sense?
If the state can put a tax lien on your property in the event that you default on your property taxes, despite the mortgage being fully paid off, then what was the point of paying off the mortgage?
For that reason, many people have chosen to remain apartment tenants rather than becoming home owners. Choosing to keep renting means that you remain stuck under someone else’s dominion. But hey, at least you don’t have a false sense of ownership, right? However, for those who still want their little slice of the American dream, here are a few alternatives for the state to consider.
- Lump sum
The idea behind making lump sum payments is that you pay, say 20 years up front, and you don’t have to worry about it for another 20 years.
- Rebate
Similar to lump sum, the rebate concept is such where you are able to shrink your property taxes by paying extra taxes up front. The extras can either rollover annually, or in decades. Under that system, you should also be able to opt to receive a rebate check in the mail, kind of like a bond. You buy their debt, they flip it and give you back the principal.
- Either/or
The idea behind this concept is that it’s either the state imposes income tax or property tax, but you can’t have both. Texas already has the right idea. They historically do not charge income taxes, and instead rely mostly on property taxes due to how much vast acres of land they have over there. We already have a federal tax burden, how much more money could the state possibly want?
- Purchase year exemptions
The idea behind this notion is that you may be exempt from paying property taxes if you purchased your home anytime before, say 1960 for example. However, the catch is that 1960 would only remain the cut off year during the decade of the 2020’s, and should ideally be moved up to 1970 in 2030, then 1980 in 2040, etc. Why should your grandparents still be subjected to property taxes if they purchased their home way back in 1950?
- Irrevocable Trust
The idea here is that your heirs and successors will never have to pay property taxes if you add it to their trust fund as part of your estate. But because it is a trust, even though you will no longer own it outright, you are still allowed to live there until the day you die.
- Disability Status
You should never have to pay property taxes if you are disabled. That’s just not right. Where will you go if you default on your taxes due to low income? Then you’ll just become a burden on the state.
- Purchase Tax
But ideally, the only tax you should ever have to pay on your home is a sales tax at the point of purchase. A one time payment that you make when purchasing your home like you do with smartphones and refrigerators, etc. Very few nations on earth have taken this approach to home ownership, and I feel like at least one state in the US should consider taking on this approach. Even if that state turns out to be Alaska.
Solution?
One emergency car repair or medical bill can set you back to square one. However, it is not enough to simply sit there and complain about it. You have to take action. Form a group with others of like mind. Call your congressman. Try to get it on a ballot before the midterm race next year (California Prop 64) for example. You know how they do it.
If they want houses to start selling again, they should be able to help us out within reason. It’s the least they can do. I otherwise don’t see any improvements in the housing market for the foreseeable future.
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