When I was a very young adult, first starting out… waaaaaaaaaaaaayyyyyyyyyy back in the late 80s…
My state offered a feature called “Renter Refund”.
You paid your rent over the course of the year, and as long as you were a resident for more than 1/2 the year, a portion of your rent was kicked back as a tax refund.
Now, that doesn’t help on a month by month basis, but it’s nice to have at the end of the year.
Naturally my first year as an adult was the very last year it was ever offered. :(
Increase property taxes, but provide an equal or greater credit to owner occupants, so tax rates for typical homeowners stay the same, or even drop. Only landlords who don’t live in the property (think: duplexes, triplexes) will pay higher tax rates.
This will radically reduce the returns that a traditional landlord-investor can expect. Investors in Single-Family homes will be pressured to either sell their properties outright, or to convert to private mortgages (seller financing) or land contracts (rent-to-own). Mortgages and land contracts would qualify the occupants as “owners” and gain the owner-occupancy credit.
When I was a very young adult, first starting out… waaaaaaaaaaaaayyyyyyyyyy back in the late 80s…
My state offered a feature called “Renter Refund”.
You paid your rent over the course of the year, and as long as you were a resident for more than 1/2 the year, a portion of your rent was kicked back as a tax refund.
Now, that doesn’t help on a month by month basis, but it’s nice to have at the end of the year.
Naturally my first year as an adult was the very last year it was ever offered. :(
Increase property taxes, but provide an equal or greater credit to owner occupants, so tax rates for typical homeowners stay the same, or even drop. Only landlords who don’t live in the property (think: duplexes, triplexes) will pay higher tax rates.
This will radically reduce the returns that a traditional landlord-investor can expect. Investors in Single-Family homes will be pressured to either sell their properties outright, or to convert to private mortgages (seller financing) or land contracts (rent-to-own). Mortgages and land contracts would qualify the occupants as “owners” and gain the owner-occupancy credit.