Re:Baby boomers are becoming homeless at a rate not seen sin...
by Sohcahtoa82 on Monday September 25, 2023 @03:17PM
(#37649099)
> property taxes
Anywhere that has property taxes really needs to have a clause similar to what Oregon has that states that the assessed value of your property cannot increase by more than 3% per year for property tax calculation purposes.
It's pretty bonkers that people can very quickly, over the course of less than 5 years, get priced out of a place that they own, just because the market became white hot.
I bought my house in 2015 for $340K. It's currently estimated to be $600K. Yet I'm paying taxes assuming a $250K value.
Granted, I think the 3% limit is too low. I think 4-5% is more reasonable.
Anywhere that has property taxes really needs to have a clause similar to what Oregon has that states that the assessed value of your property cannot increase by more than 3% per year for property tax calculation purposes.
It's pretty bonkers that people can very quickly, over the course of less than 5 years, get priced out of a place that they own, just because the market became white hot.
I bought my house in 2015 for $340K. It's currently estimated to be $600K. Yet I'm paying taxes assuming a $250K value.
Granted, I think the 3% limit is too low. I think 4-5% is more reasonable.