Quote:
Originally Posted by Sly
Most every other state does that. Value is reassessed and you are taxed at current value, not purchase value. Surely you aren't suggesting that California has magical 70 year olds that the rest of the country does not?
Now granted, they couldn't just come out of the blue and raise the property tax. California has too many other taxes that are meant to help balance that out. A sudden raise that nobody planned for would be disastrous.
With that said, I am very rarely in favor of raising any taxes. :-)
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Gotcha. Didn't realize how other states do it. So I take it that in most states when older people retire they better be able to afford there increasing property tax or be forced to downgrade. Kinda sucks for someone that lives in a home for 50 years and eventually has to sell cause the properties taxes just got too high. Home all paid off but just cause the neighborhood does well you're screwed at 80