/biz/ - Business & Finance

So they are now paying $630,000 on 6.5% interest
If literally anything bad happens like a job loss they are fucked

normalfags deserve what coming, I dont care if I have to suffer aswell as long as enough of them suffer even more. they did this, they are responsible for this because they voted for this.

>>53947779
Jesus christ. Might as well just rent at that point.

>>53947779
>be me
>live in "extremely overvalued" rated area
>browse zillow everyday for past 1.5 years
>housing prices went down 5% as mortgage rates tripled
>flat
>now prices are going up again
REEEEEE

>>53947779

>$5000 monthly mortgage payment

>>53947831
It's just a delayed reaction

>>53947828

>>53947779
>cat child
I hope the entire housing market crashes to maximize the suffering of these two

>>53947864
Kek i didn't see that and assumed it was an actual baby

>>53947779
I make $100k as an entry level swe. Nobody making $200k in a high cost market, during a high inflation period, should buy a house.

I'm 35 I man 0 dollars a year, I don't claim disability (yet)
I own a house larger than them cost me 87k in 2016 with 5% interest rate on a 15 year note.

How retarded is this world?
I'm just gonna give it to my nephew after its paid off and blow my brains out.

>>53947881
make*

It’s really gotten out of hand. I was fortunate that I panic bought a house when corona was hitting the news cause I didn’t want to hunker down for the apocalypse in a one bedroom apartment in a major city so I fled to the country. Ended up that I locked in for thirty years what I thought was about 75k overvalued house at a mediocre rate. House is now worth over 100k what I paid for it and rates have ballooned.

I still look around for good land. Houses with land or to buy and build. It’s hopeless. There is none. Even if someone gifted you 40 acres with a house the taxes and utilities would bankrupt you unless you make double the median yearly income. My fucking electric and gas alone averages 700$ per month and I don’t even have kids…

Boomers did this.

>DUDE JUST MOVE TO A FLYOVER STATE LMAO

everyone knows this is unsustainable without the wage portion of a wage price spiral. wages are declining.

>>53947975
everyone is arguing in circles about "how can this keep happening" like it's not being actively orchestrated by people that hate you.

>>53947996
no idea what that has to do with the sustainability of overinflated house prices and property taxes. you cannot escape supply and demand. if there is no one able to afford it you have no demand.

reads like satire. I make more net than they do gross and am worried about my 250k mortgage being too expensive

>>53947933
Just do what the boomers did and land a job with a firm handshake fresh out of the college that you paid for in cash working part time at a grocery store. After five years or so of saving just 10% of your income at your entry level job as a desk clerk for the drafters at an American manufacturing company you should easily be able to afford to put 50% down on a newly built three bedroom home that costs just three quarters of your yearly salary. When you find a nice one at least an hour drice from the nearest black person and still have money to spare go ahead and buy your wife that new car she wants. She’s never had a job in her life after all so you need to look after her.

When you retire at the ripe old age of 55 with a full pension and medical for life you don’t wanna look back and regret not doing the things that make you both happy right?

>>53947856
two more weeks?

>>53948035
>homeowners have free loans and overpriced houses
>they can't afford to sell below what they paid and take a loss
>zoomers can't afford to buy what they paid at 7% interest
perfect harmony between house poor and priced out

>>53948120
I am ordering total boomer death

no words in the english language, or any language for that matter, can sufficiently describe my hatred for boomers.

>>53948162

They're going to get away with it sadly. The cycle continues.

>>53947858
what?

>>53947864

The fat cat and the normies are a different breed than us. They dont know whats coming. They dont know the Fourth Turning coming to the boomers.

But I dont hope that.

I hope they make it. I hope everyone on this board make it. I hope (you) make it.

>>53948164
The boomers are going to get away with it too, because they're going to die soon and finish their cushy lives laughing all the way to the grave.
We will remain to pick up the scraps.

>>53947864
God damn I didn't see that until you mentioned it >.<

>>53948532
>we will remain to pick up the scraps
you and the 50 million welfare immigrants the boomers brought in will share the scraps, anon.

>>53947779
That's a prefab mobile home. They bought a house but not the land.

>>53947779
This image looks AI generated.

Buy the bag, Zoomie

>>53949699
>You need to pay a quarter of a million to live in a trailer park
Why even live in America at this point
Don't even go on about
>DUDE YOU CAN MAKE SO MUCH MONEY
Ya can't
Everyone larps about their 100k salaries but in reality the most anyone here probably makes is in the 70k range and gets raped on taxes

>>53947779
The only thing that truly matters is owning land. Land is used for everything from natural resources to farming to recreation/parks, then to housing. So just buy lots of land.
Why do people need to flip dumb fucking houses?

>>53947779
I think I can fix her

>>53949699

Jesus Christ no wonder there's a fentanyl epidemic.

Anyone here a rentcuck? Is that the move til it all comes crashing down?

>>53949907
I don't even pay my rent
T. Waiting for eviction and saving up

If I can save up at least 100k, I can move to some sea country and become a sex pest

Why don't these zoomers GROW UP? Why aren't they forming families??

>>53949935
Stop blaming the housing market. Just get rich through not consooming and move to the third world or a remote part of some first world country.
Australian minimum wage is about $33,000 (USD) p.a. and that puts one into the top 4% in all of India.

GROW UP ZOOMIE!!! BUY OUR BAGS. NOW!

This week is big for Canada. There's a chance the Central bank cucks out and freezes hikes to bail out real estate.

>>53947930
>. My fucking electric and gas alone averages 700$ per month and I don’t even have kids…

Fucking how?

>>53947930

>$700 per month

are you running a meth lab

Imagine not wishing even more suffering on normie trash. I feel like there should be a general here to shit on normies bad choices. I guess smg kinda does that anyway.

>>53949984
Probably in unincorporated area - considered outside of the township. My parents deal with the same shit.

>>53947810
but anon, surely their jobs as block chain dapp analyst and human people coordinator at FAANG will never go away :)

>>53947779
also $200k combined income for two people in seattle who look like they're in their mid 30's is shit tier. If you're living in a metro area where housing costs nearly a million, you should be making close to - or more than- $200k EACH. I know people in major metro areas with bullshit corporate jobs making that kind of money. They literally can't go anywhere else because those jobs just don't exist or don't pay that much outside of major metro areas.

>>53950090
Maybe some of us don't want soul-crushing corporate jobs, retard.

>>53949824
That's a stupid expensive area near Seattle. If you want cheap trailer parks try a red state.

>>53950105
then don't live in a place where a suburban house costs nearly 1 million USD.

>>53947779
The housing market will shit harder than my grandma does every morning

>>53950298
I don't... My family even had huge plots of land in expensive areas 2 centuries ago AND I don't care it was sold a long time ago. I wanna live in nature.

>>53948120
>retire at 55
incorrect, they hold their $200k do-nothing senior position until 71 because "work is fulfilling" and once they retire the position is terminated

>>53950307
Ok? So you're saying that my post literally did not involve you at all, and for some reason you still got mad and defensive? Lol.

>>53950230
Truuuu

>>53950328
Shutcho bitch ass up... Stop telling people to be corporate bugs for inflated house prices.

>>53947964
I assume this is bait, but 4 bedrooms is unnecessary for most of the population. 475k for a maintained house in good condition is very fair for that price and square footage.

You vill buy ze bags

>>53950367
this is a shack from home depot. how can they think that anyone is following this?

>>53950334
K.

>>53950391
It's a single family residence you fucking Nazi!

>>53950391
Because some people went viral for selling a home Depot house for $300k in Georgia in 2021. It was also on 300 acres of land, but people conveniently ignore that.

>>53948532
>We will remain to pick up the scraps
you mean my arbitrage bots
they will have to shove contracts inside AMMs to get rid of it and it will get picked clean by bots, cratering the price in the largest dutch auction of all time

>>53950367
They take the picture on a sunny day, but thats like 15 days out of the year. The pacific northwest meme is a scam.

>>53947779
you burgers think you've got it bad

>>53952150
So you're telling me these furry cunts live in a million dollar house on a security agent and archeologist salary? And he has time to fuck off and play with his kids all day? The fuck is going on in Australia?

>>53947821
Honestly, this is a based and red pilled psycho approach to things. I don't give a fuck anymore. These people deserve no mercy. They're not even human to me. Truly useless retard impulsive eaters.

>>53947831
You have to wait until people are out of a job for things to actually start happening. Unemployment is at a record low, so you still have tons of demand in the economy and markets. When every office worker retard fuck e-mail employee is a few months without a job, that is when the fun begins. Patience.

>>53953156

Yeah housing moves at a glacial pace compared to boomerstonks and shitcoin. It's not moving fast enough for the goldfish attention span zoomers in here so they think nothing is happening.

But in reality we've seen some of the most dramatic moves in history.

>>53947779
Let me guess, San Jose. Don't act like that's the norm outside of California and New York.

>>53947831
I tried to warn people. Nobody is getting a new mortgage at these rates so the only sellers have cash to buy their next home without a mortgage. Effectively inventory will keep going down. Supply chain issues aren't totally solved yet either.

>>53947779
>cat child

>>53947930

>$700 do you live the desert running ac wtf?

>>53953220

>nothing sells
>inventory decreases

wat

>>53948120
I have a relative who constantly tells stories about when he worked in a grocery store "back in the old days," he was making probably $1.25 an hour. He would torment the manager constantly. They were instructed to "paint the entire store," so as a gag they did exactly that: they painted the walls, the floors, the ceiling, the produce, the cans of SPAM, the cash register, fucking everything.

They were forced to clean it up but did not have to pay for anything and they were not fired.

I did some napkin math. In 1964, a quarter was 90% silver. So a kid getting $1.25 per hour is getting 5 silver quarters. The melt value of this today is about $21.

Imagine being a 14 year old kid and getting paid $21/hour to vandalize your store and destroy the inventory and not even getting fired. Meanwhile, I had a friend get fired because his dad died and his boss couldn't believe he took three days off for a funeral. Boomers had it easy. They had it SO FUCKING EASY.

>>53953276
People are disincentivized to sell their homes because they cannot afford to buy new homes. Hence the supply will decrease.

>>53950323

Kek, Fucken this

>>53947858
https://www.youtube.com/live/fZHUUjZIjy0?feature=share

enter crabman

>>53953276
>Have home you bought for 300
>Now valued at 400
>New home costs 700
>You won't sell because you'd have to get a 200k mortgage at 7% which is probably more than your existing payments
The only people that would sell are people that have enough cash or equity to buy the next place without a mortgage. That's a net decrease in the inventory of homes. Line go up.

>>53947779
>>53947831
it takes 8-12 months to feel the effects of an interest hike.

>>53947881
based uncle anon

I’ve been speaking with a realtor and the homes are constantly getting price decreases. Some old some new. People can’t sell and I am going to get something good. Ex: 4bed 2bath on 2acres of land $320,000

>>53953602
Remember that there were 2 major rounds of stimmy during Covid. Last year's rate hikes were to battle the first round of stimmy. We'll see inflation flat line through to the summer but don't be surprise if and when it starts to take off again come Christmas time. The latent effects are something most people over look. I've been studying this going all the way back to acient Rome. Every central bank intervention to fight inflation in the last 100 years took about 1-2 years to slow inflation and 3-4 years, sometimes even 5, to stop it, make a dent it and then have a reversal eventually. This will be a lost decade.

>>53953678
yep, not to mention the incoming military spending and reshoring of manufacturing that will eventually fail. China reopening will cause inflation to come back with a vengeance

>>53950069
Scary thought but what if they dont? What if society has integrated itself so deeply into the cloud computing meme that FAGMAN is now no different than a utility/infrastructure provider as as such wont ever have a proper collapse?
Most companies dont have proper onprem IT staff anymore, have entire analytics and operations divisions relying on cloud, old guard has retired, and new guard doesn't have the knowledge to migrate back onprem even if they wanted to. Would be akin to expecting a zoomer to shift a Photoshop workload from MacOS/Windows laptop to setting up and managing a GIMP workload on a Linux desktop. Possible, but 90% of people will never do that and would sooner accept higher operating costs from staying where they are.
Clown world might make more sense than you think.

>>53948149
>>they can't afford to sell below what they paid and take a loss
Housing is illiquid you fucking retard fuck. 1% of the market turns over every year, 99-98% of the market was UNTOUCHED during the scamdemic, 40% of houses don't even have a mortgage, of the remaining 60%, most of those were purchased more than 10 years ago. Repeat after me: Low Volume Scam Pump.

>>53953763
That is pretty much already happening. The US Defense department is basically attached to Microsoft at the hip. Even if Microsoft made a series of huge blunders and tanked everything the US would have to bail them out because they support the military.

>>53953763
yeah, im gonna go with "top signal"

>>53947779

>>53947779
do people really only put down 10%?
i did the math and i'd need $95k cash just to comfortably afford a 350k condo....these ppl only put down 70k on a 700k house?

>>53957457
I can see her stinkhole, teehee

>>53953189
Yes we have seen the most dramatic moves, prices more than doubled in the past 3 years and show no signs of retracing

>>53947779
>700k for that shitbox

>>53957543
the average down payment for a first time """homeowner""" was literally 7% in 2021.

>>53957543
yup, most of the people bragging about being a home owner put down as little as 3%

>>53958070
Because living in a 2k rent box is better.

>>53958203
unironically yea. im on a month-to-month lease now and i can literally leave and WFH from anywhere in the world.

also my neighborhood has a bunch of really great restaurants, bars, etc all in walking distance. inb4 le hustle and bustle pasta

>>53958203
>Because living in a 2k rent box is better.
uh yeah i would much rather pay 2k in rent than do what that idiot couple just did

>>53958074
Jesus, and my wife and her boyfriend and I were worried about putting down 15%.

>sign lease for 1400/month
>immediately give me notice that in 1 year they are raising the rent to 1700
>this is after it failed to rent out when they tried at 1500

what is their problem

>>53950519
I know a guy who moved from CA to WA because he liked the cool weather there.

>>53958301
I would send them the letter back and include a letter informing them that you will be moving out at the end of your year-long lease. And that the letter constitutes the 60-day notice of non-lease renewal.

>>53958390
this
you'll be able to find a place to rent for 1400 again easy

houses in lithuania ar cheap, especially in the smaller towns. thinking of buying this house for 40k euros (could probably haggle for 30k) and live there during the summer and warmer months, grow some vegetables, peaches, apples.

>>53958658
the house:

>>53947779
>combined income of $200k
>able to save $70k down payment
Kek, what?
I've been in the work force for 6 months and already have $35k in my checking account.

I just want a condo in New Jersey bros. I'm going insane.

>>53948035
>he thinks we live in a free market economy
KEK
Our economy is 100% centrally planned and all of this is orchestrated by globalist bureaucrats who want to dispossess you because they think your living standards are killing the planet.

>>53957457
what possesses a modern white man to dress and pose like this

>>53947964

Imagine paying 500K to live in WV. Beautiful scenery. Great place to visit. I would however never want to live there. During the height of the opioid epidemic I drove through WV to go hiking and I saw literal condemned heroin houses that were graffitied (in the middle of nowhere) to clearly let people know it was being used as a drug den

>>53957543
I put down 3.5% back in 2009. That was on a $175k house.

>>53947810
Payment is about $4700-4800 a month depending on taxes and insurance. That's already like 28% of their gross, their cutting it close and probably fucked if one loses their job (especially if they only could only scrape up $70k on $200k income)

>>53958301
Judaism

>>53947964
It's a well kept vintage house in a college town not far from DC. That picture undersells it. You can find pretty nice houses for half that in most of flyover, just expand your search.

>>53947779
>annual income of 200k
>could only save 70k
>need a mortgage for $800k house
yeah, i would be reluctant to loan them money too.
if you are 2x the minimum wage, you should be able to save a year's worth in about 3 years without issues.
with 200k, you can buy your 800k house in 5 years, and still live an ok life.
i think it will be more than a decade of pain to get things back to normal.

and the sad truth is, home ownership seems to be too high right now, so house prices are going to go up in the long term.

>>53947933
>>53948162
>>53948233
>>53948532
>>53953375
>IT IS THE HECKIN' BOOMERINOS
Stop being such historically illiterate buffoons you /biz/ anons. If you all would allow me to pontificate a bit, for your edification of course, Boomers did not cause the problem. The parents of Boomers caused the problem. Just who were the parents of Boomers? Well, the parents of Boomers were born from 1900s-1930. These have been dubbed the Greatest Generation. What exactly did this greatest generation do?

>Immigration Act of 1965
>Voting Rights Act of 1965
>Proclaimed the State of Israel
>Removal of the Gold Standard
>Vietnam war
>Killed the most people of European descent
>Proponents of Modernist Architecture
>Created Suburbia

With the last Boomers being born in 1964, you have to be a historical revisionist to attribute the above things to Boomers who at oldest were dodging the draft as teenagers. That would be like blaming the Zoomers for all of these newly Generation X managed WOKE corporations. Corporations were not nearly as woke until Boomers mostly retired from the workforce. Boomers only played lipservice. Boomers still did whatever they wanted. Generation X is the modern Greatest Generation problem (They have given us Zoomers mind you), but most of the foundations for our woes today are from the generation that firebombed Europe, nuked Japan then came back home with open arms only to bulldoze American cities for suburbs and Modernist architecture. That 100 year old veteran that broke down in tears over realizing what they did? Well, I will leave it up to you to consider him blessed or not that he lived long enough with working faculties to recognize what evil they did.

>>53959322
Unironically the worst generation, polar opposite of the namesake. Holy based.

>>53959322

Alternatively, the Jews that fled Europe after during the War. One generation to set up shop, then all downhill from there.

>>53958795
Yeah sure you do. Nice larp Mr living with parents loser

>>53959606
yeah i was gonna say, he either makes a shit ton of money or he has zero expenses kek

>>53948532
i don't think so. i think all the boomers will be drafted to fight in Ukraine and Taiwan. you can't draft dodge when you have a boomer house

>>53950230
> even trailers have peak demand pricing in some areas

it's like other posters have said. nothing is cheap in America anymore... except wages. you can't buy anything for 10 dollars except a hour of labor. this is society collapsing

>>53949907
>>53949928
this. you can find rent for 100 - 200 usd a month. the only hard part is finding remote work

>>53959322
the good guys lost WW2. but every boomer i met while growing up and in the work world; was a selfish faggot in need of a good ass kicking.

boomers were the generation of divorce, broken families, charging kids rent and estrangement. they are horrible people that don't get along with anyone

>>53947779
you can’t make this shit up

>>53953132
Only autists are humans, psychos and npcs alone will devolve into barbarity in a couple generations

>>53959322
This. Npcs living today would act exactly like boomers then. It’s just Jews didn’t have all the power yet.

>>53948120
I kek'd pretty hard

>>53948120
kek

>>53959322
>allow me to pontificate

i know this is a meme but stop talking like that you absolute faggot

>>53950323
also kek

>>53949984
Europe anon

>>53957457

Why do I keep seeing these minge lips on biz

>>53950090
agreed. I'm in Seattle, make less than their combined income, and I've managed to put back $160k even with three kids. And I'll be putting back another $45k cash by the end of the year ignoring bonuses and other windfalls

>>53947930
meanwhile in my 1 bd apartment my electric (don't have gas) is $20 a month
which of us is throwing money down the drain? You spend half my rent in utilities and then still payfag a mortgage.

houses are moneypits and that should be reflected in their price. no house should cost more than 100k.

>>53948120
yep. that got me angry.

Don't worry, soon housing will be offered as a benefit of employment just like health insurance.

> t. homeowner waiting for property taxes to skyrocket so I too am priced out of my own home

>>53949699
>$2000 a month to live in a trailer on the ass end of seattle
>meanwhile that much gets a 1 bd apartment in the city proper that has a free cappuccino machine in the lobby and a downstairs yoga studio to watch bitches in tights sticking their ass up
>get called stupid for renting in this situation

i can see half naked gym thots from my window

>>53949935
the thing is boomers bought these when they were new. we're expected to buy dilapidated shitboxes 20 years past their expiry date for half a million dollars in some backwater shithole.

>>53950090
this guy is delusional. not everyone is a SWE and even department managers in other fields only make 90k

shut the fuck up retard

>>53950367
kek i was looking at that exact listing the other day and considering it. that's a cabin, the house isn't even built yet, and the boomers destroyed half the acreage turning everything into a driveway. it's inconceivable to them to just park the fucking car and walk to the house. that literal shed is smaller than a studio apartment.

>>53960966
i feel like you people keep misreading what I'm saying, and claiming EVERYONE in the corporate world make massive 6 figures. What i'm saying is, if you want to live in an area where the basic family home costs $1 million, you need to make enough money to do that. And if you're living in a metro area and not making well over $100k, then you're doing something wrong or need to move. I don't make $200k a year, which is exactly why i don't live in Boston, or Seattle, or Charleston, and expect to live in a nice house 20 minutes from the city center. The people in op's pic are delusional and need to fucking move or step up their game. They should absolutely be able to make $150k EASILY if they have even remotely marketable skills and live in a urban area like seatle.

>>53960966
true

>t dept manager making a little under 100k in midwest city of 1mil

>>53961008
agree, people these days seem to feel entitled to live in the most desirable areas

>>53957543
the average down is actually 5%
>highly qualified buyers
>>53959322
things went to shit in 1971

>>53961008
yes, it's perfectly normal for hundreds of thousands of homes in a city of 1 mil should only be affordable to the top 1% of income earners
that's a healthy fucking economy right there and totally sustainable

meanwhile a boomer could buy a brand new 4 bd mansion by selling hotdogs at ballgames

>>53961008
some of the biggest dopes on this site come to /biz/ so it's no surprise they can't figure out why some real estate prices are higher than others

>>53961057
kill yourself poorfag

>>53957543
Yes, I only put down 5% on a 350k house and bought with FHA. It was stupid and risky as fuck but did not seem abnormal to the lender.

Refinanced into a conventional loan, out of PMI and into a 1.8% 15 year rate a year and a half later (read: got lucky so far)

>>53961082
there we have it, the middle class is dead, we have the 1% and the 99%
>>53961009
it's got to be college kids talking about their 250k perceived future incomes "once they graduate, it will totally be real".. apparently zoomers expect 175k right out of college even for teaching, accounting, etc.

>>53961212
I like it cause they soon realize the only way to have the lifestyle they want is to sell their bodies and that where I come in and spit in their mouth, gag them till they are crying and piss on them when I’m finished stretching out all their holes all for 2+400$ for fresh zoomer pussy. They love it too. Zoomer girls are total degenerates.

>>53961008
>dude, if u buy a million dollar house, u like, need a lot of income
wow got any more pearls of wisdom
it's cool that you needed to write a whole paragraph to get that idea across

>>53949824
Man imagine how much money you prevent jews having if you live in your car

>>53947840
this. I make 200k and they cannot afford this. i could probably afford a 500k house.

>>53947810

>>53961087
15 year rates never went below 2%.

You either bought points or you're lying.

>>53959322
It's quite shocking how people blame "Boomers" for all the shit that Gen X is doing.

>>53963029
someone lying on biz?? no way

>>53961038
40% of buyers are putting 100% down and your broke Zoomer dumbass thinks "the average down is 5%".

>>53953406
See:>>53953818
Understand what an illiquid market means

>>53963081
It’s a weird phenomenon, for some reason everyone on /biz/ thinks everyone is fucking broke and can’t afford like a $1,000 payment, it’s like they don’t actually know any other humans. There are so many mediocre fucking wagies out there with 100k in cash laying around between them and their schlubby, gross fucking wife. And that’s not because 100k is a lot, it’s because 100k is barely any fucking money anymore.

>>53963081
that was just during the scamdemic FOMO shit
the numbers are way down now, to like 22%

>>53963317
no, most people do not have 100k lying around
and most cash sales are done because the guy buying the house just sold his old one, dumbass

The year is 2035, you enter your local 7/11 to buy yourself a g fuel before your shift in the local crypto mine. The android working the counter says they only accept OpenBetAI token. You pull out your phone, draw a stick man in less than five seconds on a yellow back ground and then sell it as an NFT. From the sell you make 6 OpenBetAI token, about 5 million dollars in old world money. You go to buy the drink only to find out that from the time you closed your phone to the time you talked to the cashier the coins had dropped in value to only 3 dollars per coin and you now owe at least 10 OpenBetAI token to the robot for the gamer fuel. You leave the store, frustrated, and drive off in your Tesla

>>53953156
That's not how it works this time.
At 3% rate that they bought before 2022, they would just pay the interest.
Even if someone had to sell their house, you won't be able to afford it because you lost your job too. In fact, those kinds of properties will be bought behind the curtain by REIT and corporates.
We can only win with passing empty home tax and rent control law.

>>53958672
Nice cottage, but I don't mind if I had a whitefu to cuddle with.

>>53954276
>Even if Microsoft made a series of huge blunders and tanked everything
They are doing that every day for the last 10 years.

happiness is far too much to ask.
we are here to suffer.

>>53949833
Because no one rents your land and you are not a farmer. How do you pay for land tax?