My dad inherited my grandma’s ancient house recently and is practically forced to find a way to remodel it to be rentable because there is a imputed rental value tax where I’m from.
I would think it could also be acceptable to transfer ownership to a relative who doesn’t already own a home. It just seems like a waste to have a house with nobody living in it while so many people are unhoused.
If you own a house with nobody living in it, you gotta pay rent to the state each month for the privilege of keeping it empty.
They do this in India. You’re allowed 2 homes, 3rd onwards you have to pay Income tax for deemed rent received if it’s empty.
You do, it’s called property taxes.
But they mean specifically a vacancy tax. So anyone who owned vacant property would have a large additional payment or get it rented
No, like market rate for the property. Everyone pays property tax, regardless of whether the property is vacant or occupied.
My dad inherited my grandma’s ancient house recently and is practically forced to find a way to remodel it to be rentable because there is a imputed rental value tax where I’m from.
What’s the alternative, just leave it empty?
I would think it could also be acceptable to transfer ownership to a relative who doesn’t already own a home. It just seems like a waste to have a house with nobody living in it while so many people are unhoused.