The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Lizzie Tudor who wrote (8956)	2/18/2003 10:15:24 AM
From: GraceZ	Read Replies (2) of 306849

Without this law, the harsh reality is that these prices would force owners to move. The harsh reality is that increased prices should force people to buy homes in areas of the state or country that they can afford. When that happens prices are held in check. The easy money during the tech boom drove prices up to unreasonable levels. Rising comparable prices shouldn't force people out of the homes they owned at lower levels. What you are suggesting is that the governing authorities should tax the elderly out of their homes when they bought these homes with the promise that they would have a steady controlled increase in property taxes. No other asset class is taxed in this way, it's confiscatory. This is what happened before prop 13 was passed. Some people experienced 50% rises in property taxes to pay for the cost of the added services for the new development. Think about what real estate taxes are used for, schools. How many elderly still have children in school? What the taxing authorities need to do is cut from the expense side and stop socking it to the newcomer, not shift the burden to the long time owner.

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