4 ms·

Property taxes also punish retired people. When your wages disappear after retirement, it's a lot more difficult to pay the taxes on your home.

go1979 11y ago
The recent run up in property prices in most major western cities makes me think the home owning class isn't in too bad of a shape. If you own a house in Vancouver, the Bay area, Toronto, London etc. you basically won the lottery. If you are a young adult, well ... hope your parents help you out? My parents were immigrants and not savvy enough to buy a house. I'm wondering how I can ever afford a 200K down payment on a million dollar house, and if that is in any way a reasonable idea. Taxing income is the wrong approach since people getting income are contributing to society. The lottery winners who happened to own houses in the right place .. I'm not sure what they contributed.
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- deleted 11y ago
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- sulam 11y ago
  $200K = $20K / yr over 10 years. An $800K mortgage, depending on interest rates, can easily cost $4000/month, or almost $50K / yr. If you can't afford to save, you can't afford the mortgage.
- douche 11y ago
  You could take that downpayment and buy a house outright, cash in hand, in the 99% of the country that isn't completely fucking bonkers.
guard-of-terra 11y ago
Why don't retired people "reverse mortgage" their house? They have no use for it after they're dead. If they do, then someone who's going to get that house should foot the taxes.
nradov 11y ago
That situation can be easily handled through reverse mortgages.
digikata 11y ago
So exempt the taxation of property up to some threshold. Or one primary residence.
prostoalex 11y ago
It punishes living in today's homes at today's prices. Downsizing to a smaller abode or choosing between owning vs renting in a retirement community is part of retirement planning.

4 ms·

Property taxes also punish retired people. When your wages disappear after retirement, it's a lot more difficult to pay the taxes on your home.

by euroclydon 11y ago

go1979 11y ago
The recent run up in property prices in most major western cities makes me think the home owning class isn't in too bad of a shape. If you own a house in Vancouver, the Bay area, Toronto, London etc. you basically won the lottery. If you are a young adult, well ... hope your parents help you out? My parents were immigrants and not savvy enough to buy a house. I'm wondering how I can ever afford a 200K down payment on a million dollar house, and if that is in any way a reasonable idea. Taxing income is the wrong approach since people getting income are contributing to society. The lottery winners who happened to own houses in the right place .. I'm not sure what they contributed.
- deleted 11y ago
  [deleted]
- deleted 11y ago
  [deleted]
- sulam 11y ago
  $200K = $20K / yr over 10 years. An $800K mortgage, depending on interest rates, can easily cost $4000/month, or almost $50K / yr. If you can't afford to save, you can't afford the mortgage.
- douche 11y ago
  You could take that downpayment and buy a house outright, cash in hand, in the 99% of the country that isn't completely fucking bonkers.
guard-of-terra 11y ago
Why don't retired people "reverse mortgage" their house? They have no use for it after they're dead. If they do, then someone who's going to get that house should foot the taxes.
nradov 11y ago
That situation can be easily handled through reverse mortgages.
digikata 11y ago
So exempt the taxation of property up to some threshold. Or one primary residence.
prostoalex 11y ago
It punishes living in today's homes at today's prices. Downsizing to a smaller abode or choosing between owning vs renting in a retirement community is part of retirement planning.