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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: GraceZ who wrote (8983)2/18/2003 11:52:22 AM
From: Lizzie TudorRead Replies (4) of 306849
 
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.


This would be a valid point imo if we weren't looking at 10x differences is what longtime owners pay vs. newcomers. Elderly folks use police, fire, all kinds of services and they also attend school at least here (the community colleges). They also went to school once. AND, I would be very surprised if any elderly person has not had any sort of cost of living adjustments in any sort of income since 1985. I have a hard time feeling for folks who have hundreds of thousands of appreciation tied up in their home... something the younger generation will never experience due to laws that they passed in order to profit for themselves at the expense of their kids.
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