Maybe your parents didn’t teach you empathy when you were growing up, as is so prevalent these days. There are millions of retired people on fixed incomes who bought their homes when they were normally priced. For example, my grandparents bought a house in Los Gatos for $30k in 1969 and now it’s priced at $1.4M. Is that their fault? Why should elderly people, who cannot take the stress of being uprooted and moving, be forced to sell their homes and lose their balance sheet savings in the process? If anything, discounts on capital gains and property taxes should be based on both income and balance sheet apart from real estate ownership. What if that were you?
refurb|6 years ago
In your grandparents case, they could freeze their property taxes, but when the houses switches ownership, they’d need to pay all the back taxes they avoided with the cap.
Why shouldn’t your grandparents have to pay current property taxes? They just had a windfall increase in property value.
asdff|6 years ago