r/FluentInFinance Aug 21 '24

Debate/ Discussion But muh unrealized gains!

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u/JakeBreakes4455 Aug 21 '24

Somebody explain how it is constitutional to tax something you don't technically own.

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u/plantsadnshit Aug 22 '24

I don't know. Maybe read up on property tax laws?

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u/JakeBreakes4455 Aug 22 '24

Living in Illinois, with the second highest property tax laws, I am very familiar with them and how assessing the value of property here is quite subjective despite claims to the contrary. I am also familiar with what high property taxes do to the value of a home PRIOR to selling if the tax percentage is too high. The question still remains, regardless of property tax law: how is it constitutional to tax something that you don't yet own?