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Letting people defer indefinitely may let them run up more deferred tax than the value of the property. Restricting it to over 65s limits how much of a bill peo
by aninhumer 9y ago
Letting people defer indefinitely may let them run up more deferred tax than the value of the property. Restricting it to over 65s limits how much of a bill people can run up.
- erikpukinskis 9y agoIf the tax could add up to more than the value of the property, doesn't that mean the tax is way too high and should be capped?
- aninhumer 9y agoNo? Whatever rate you set it at, if you let people defer it indefinitely, it can eventually exceed the value of the property. That in itself doesn't imply the rate is too high.
- alexc05 9y agoI also think that the retirement-age might also be part of that. At 65 your income is expected to drop significantly. By allowing deferred costs on property tax at the age of retirement, you reduce a pressure on tight resources. Seniors in that case can spend on food / medical and the government doesn't get the bad press of evicting a grandmother who has to choose between feeding herself and paying property tax.
- brazzledazzle 9y agoEspecially if, assuming what's reported in this thread is true, they have an 8% lien on the property.