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February 10, 2025

# The Disturbing Truth About the Home You Think You Own

Editor Economy International Man, Nick Giambruno

#### The North Dakota Referendum That Could Have Changed Everything

In 2012, North Dakota held a referendum to become the first US state to abolish property taxes.

The measure aimed to amend the state constitution, eliminating property taxes and requiring the government to find alternative revenue sources.

Proponents argued that property taxes were unnecessary since North Dakota already had ample income from state taxes and oil revenues. They also pointed out that property taxes disproportionately burdened low-income homeowners and senior citizens. Eliminating them, they claimed, would provide financial relief, boost economic growth, and attract businesses and residents.

However, a coalition of bureaucrats and special interest groups fought against the referendum.

In the end, voters overwhelmingly rejected the measure—78% chose to keep their property taxes.

#### A Disturbing Distortion of Property Rights

Most people thoughtlessly accept property taxes as a normal part of life—like gravity or the sun setting in the west.

Yet, a crucial truth is overlooked: there is no way to fully pay off your property tax obligation.

It never ends—it follows you as long as you own the property, increasing year after year.

This raises fundamental questions:

Do you really own something if you’re forced to make endless, ever-increasing payments just to keep it?

The answer is obvious: No.

You might possess the property, but you don’t truly own it—an important distinction.

Imagine if the mafia imposed a “coffee table tax” in your neighborhood. Every year, they demand $100 for every coffee table in your house—forever. If your coffee table increases in value, your payment increases.

Mafia enforcers would assess your coffee tables annually, ensuring they extract more money. Refuse to pay? You’d face threats, violence, or the outright confiscation of your coffee tables.

Would you say you own those coffee tables?

Most would recognize this as extortion. Yet, the same people accept government-imposed property taxes without question, paying endlessly for “their” homes, offices, and land.

In reality, you are merely renting from the true owner—the government. Stop paying, and you’ll quickly learn who really owns your property.

Governments routinely seize homes over unpaid property taxes.

Across North America and Europe, people pay tens of thousands of dollars in property taxes each year—just to live in their own homes. And the burden will only increase because nearly every government is in financial distress.

When politicians need more money, they raise property taxes—like turning a thermostat dial.

That’s why property taxes have nowhere to go but up.

Over a lifetime, it’s entirely possible that the government could extract more in property taxes than the value of the home itself.

#### The Inescapable Reality

Property rights and property taxes are inherently incompatible.

What’s yours should be yours—without having to pay for permission to keep it.

That’s why property taxes are an affront to property rights, which serve as the foundation of civilization itself.

As the great Austrian economist Ludwig von Mises once said:

> “If history could teach us anything, it would be that private property is inextricably linked with civilization.”

Those who enforce, promote, and benefit from property taxes are the real anti-civilization forces.

#### The Harsh Truth

Unless you own property in one of the few places on Earth without property taxes—such as the Cayman Islands—you will be paying ever-increasing amounts for the rest of your life.

And as North Dakota’s referendum proved, even when given the rare chance to eliminate property taxes, the average person will fight to keep them.

It’s reminiscent of a pivotal scene from The Matrix, where Morpheus explains to Neo why most people will defend the very system that enslaves them:

> “The Matrix is a system, Neo. That system is our enemy.

> But when you’re inside, you look around, what do you see? Businessmen, teachers, lawyers, carpenters. The very minds of the people we are trying to save.

> But until we do, these people are still a part of that system and that makes them our enemy.

> You have to understand, most of these people are not ready to be unplugged. And many of them are so inured, so hopelessly dependent on the system, that they will fight to protect it.”

This same mindset applies to property taxes. Most people are so accustomed to the system that they can’t imagine life without it.

#### The Bigger Picture

Property taxes are just one piece of the puzzle.

The same mindset holds true for inflation—another tax that steals wealth from the average person.

A growing majority of voters now benefit from government handouts, creating a built-in constituency to sustain policies that require endless taxation and inflation.

Here’s the bottom line.

Expect ever-increasing taxation and inflation until the system spirals out of control—which could happen sooner than most think.

Most people are completely unprepared for what’s coming.

We are heading toward a period of massive financial volatility that could wipe out life savings and retirement assets.

But this isn’t just about a stock market crash or currency collapse.

It’s something much bigger—with the potential to reshape the world and transfer unprecedented wealth from ordinary people to the parasitical class—politicians, central bankers, and their allies.

Few understand what’s really happening.

Even fewer know how to protect themselves.

That’s why I’ve put together an urgent PDF report outlining:

- How the next crisis could unfold
- What it means for investors
- How to safeguard your wealth before it’s too late

This could be your last chance to prepare.

Click here now to get the full report before it’s too late.

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