this post was submitted on 06 Sep 2023
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Sounds like they should sell their house - which has netted them a nice profit - and downsize. Or do a reverse mortgage.
And move where? Why have retired people (who are most likely on a fixed income and have paid off their home in some cases) to move from a home they've paid off to an apartment/living center with obscene monthly payments? Or introduce another ever rising tax on something they should have been able to age peacefully in without as much financial worry? That seems cruel. I'm no fan of boomers, but damn.
I feel like best plan here would be to impose steeper taxes on second-plus properties. You can have your primary residence, but every home after that accrues a higher and higher tax. Especially on LLCs.
If tax goes up, it's because the value of your asset has gone up. Either sell it or do a reverse mortgage. I have no pity for those profiting from the system, regardless of their age. Fuck you, Grandma, pay your taxes.
That's definitely part of it, and more important than taxes on primary residence. But we should do both.
I think we have that where I live, although after 20+ years of owning I still don’t really understand property taxes here.
Anyhow, the property tax has a basic definition but I believe you get a reduction in assessed value for primary residence. That effectively taxes second homes more