Kingfish

I agree those who bought in fairly recently don?t get as much of a benefit from the low property taxes. But you are incorrect about being priced out of your complex. If the value of you real estate goes down your property taxes go down in a market based system. With an apartment complex your rental income largely determines the value of you complex so as long as you didn?t overextend yourself to start with you wouldn?t be taxed out of your complex. To answer a point you made earlier about income taxes on increased rental profits making up for it that is not the case. If we look at what typically happens in CA when the 70 year old dies he transfers his basis in the home to his kids. The kids seeing dad had such a low basis in the home decide to rent it instead of sell it, but to get their money out of the home they refinance it for its current value less whatever deposit the bank requires and vola since what it takes to make profit is much higher with the new debt they don?t turn a lot of paper profits on the real estate and don?t end up paying much of anything in income taxes. What income taxes they do pay go mainly to the Feds not the cash strapped State Gov. I don?t deny working this system made people a lot of money, but like any pyramid scheme those who buy in late usually get the shaft.

As to your mom they have things called reverse mortgages for people in your mom?s situation. Hell if I was your mom I?d sell or rent the place and take the cash and move to a state that has a low cost of living where she could live like a queen for the rest of her days, and not have to worry about just getting by.