Comment by zopa
3 years ago
We already have to appraise most of that anyhow, for capital gains tax purposes.
Though not really for the population as a whole: the majority of people don’t have all that much in the way assets. The proposals that get floated in the US don’t kick in until your wealth is in the tens of millions.
Capital gains taxes do not require any appraisal. They only apply when a gain is recognized, so is simply sale price minus purchase price times tax rate.
Capital gains taxes are income taxes. Property/wealth taxes are taxes paid based on the “market” price of an asset just for owning it (presumably society provides for its security and environment in which it became valuable and will continue to be valuable).