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FeralGinger t1_ivpvmgp wrote

I'm not.

As a Gloucester native born and bred, I've watched my local population become more and more like the Rockport "I got mine, now fuck all of you"

It sucks when your history, your family, your friends, and your job are all in a town you now have to leave at 40 years old because you've been priced out.

For the record, fuck gentrification.

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sihtydaernacuoytihsy t1_ivq9dv8 wrote

Yah as soon as people start having houses with >$1m in appreciation they start thinking this tax will kill them.

(How dare the state fund public expenditure by raising the taxes on the sale of my $1,400,000 home, which I purchased 25 years ago for $300,000, by $4,000! Do you know how much bananas cost, Michael?)

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[deleted] t1_ivrda89 wrote

[deleted]

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gameface23 t1_ivrhtao wrote

I could be completely wrong, but I believe it’s only $4k. The tax is only on anything OVER a million, so $400,000 * .01 = $4,000.

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PM_me_PMs_plox t1_ivrlzo9 wrote

Only on the appreciation after write offs. It appreciated by $1,400,000 - $300,000 = $1,100,000. Then you get to write off at least $250,000, so you're only taxed on at most $850,000 and the law doesn't even apply to you. (Unless you make more than $150,000 some other way. So in order to even hit that $4k in taxes you'd need to have a salary of $550k in addition to all this, or more if you're married.)

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georgvontrap t1_ivrsvp6 wrote

Dang thanks for that reminder/clarification, you’re totally right

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PM_me_PMs_plox t1_ivru293 wrote

On Cape we know all about house price appreciation... unfortunately...

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Quirky_Butterfly_946 t1_ivq79o1 wrote

Yup, many generations and a long history in Gloucester and Beverly. I was the last of my family to leave because I could not afford to live in my hometown and MA in general.

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StrawHat89 t1_ivqfvz0 wrote

Did my part, though I spent my first 30 years of life in Boston.

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