Detroit wants to be the first big American city to tax land value

Re:Detroit wants to be the first big American city to tax la... by ensignavenger on Monday October 16, 2023 @08:33PM (#37908650)

A deferment should be allowed for anyone on one primary residence. Then it isn't a carve out just for boomers. Also, the deferment doesn't mean the taxes don't get paid- they just don't have to be paid until the person moves out or transfers the property (or dies, which triggers a transfer).

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Re:Detroit wants to be the first big American city to tax la... by eru on Monday October 16, 2023 @10:21PM (#37909698)

A deferment isn't necessary. Banks are happy to do that kind of financial transformation for you via a reverse mortgage.

(However, it might still be a vote winner. Voters aren't exactly the brightest.)

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Re:Detroit wants to be the first big American city to tax la... by ensignavenger on Monday October 16, 2023 @10:45PM (#37909897)

Reverse mortgages are generally only available in the US after you reach a certain age.

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Re:Detroit wants to be the first big American city to tax la... by eru on Tuesday October 17, 2023 @12:14AM (#37910534)

Interesting. Is that due to federal or state regulation? Or a choice by the banks?

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Re:Detroit wants to be the first big American city to tax la... by ensignavenger on Tuesday October 17, 2023 @09:34AM (#37914797)

I am not sure, it seems to be a combination. The FHA requires the homeowner to be 62 or older for an FHA reverse mortgage. I have never seen a private reverse mortgage advertised, but apparently they exist and from what I have read online, are offereed to those as young as 55- but apparently are marketed to those with fairly expensive homes.

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