With tax rates so low, it’s a little surprising that real estate is a top priority for so many Americans.
That’s because the U.S. has one of the highest taxes in the world.
The bottom line: Real estate taxes are so high that they’re a drag on the economy, leaving the government in the black.
That means it takes more money to pay for government services like schools, police and fire protection.
So how does a typical household afford to pay those taxes?
The answer: You don’t.
A few simple tax rules can help.
Read on to find out what to do.
What are real estate taxes?
Real estate taxes apply to the amount a buyer would pay to buy the home.
If the buyer is a corporation, a corporation tax applies to the capital gains they earn.
The corporation tax rate is 25%.
This means the corporation has to pay a 25% tax on its capital gains.
That can lead to a significant jump in the amount you pay in taxes.
To be more precise, the corporation tax can go up to 35%.
The maximum amount of tax you can pay is capped at $10,000.
But if you have more than $10.5 million in assets, your tax bill can be higher.
A couple with $15 million in net worth, for example, would pay more than 25% of their net worth in taxes because the tax rate on the amount they earn is capped.
A family with $30 million in taxable assets, for instance, could pay more in taxes if they earn more than 10% of the value of their homes.
That extra money is taxed at 35%.
If you’re married filing jointly, your taxes are subject to both federal and state taxes.
The U.K. also imposes a top income tax rate of 28%, which is more than double the U