4 ms·

getting pushed out of the neighborhood you grew up in because of the rising rents sounds pretty sad. getting pushed out of your family home because it got so va

getting pushed out of the neighborhood you grew up in because of the rising rents sounds pretty sad. getting pushed out of your family home because it got so valuable that you can't pay the property tax on it doesn't really sound as tragic. in fact, i hope that happens to every house i ever own.

deleted 8y ago
[deleted]
refurb 8y ago
Exactly. "My tax bill went from $8K per year to $32K per year, poor me!" doesn't buy much sympathy when your house went from $200,000 to $800,000 over the same time period.
- kristianp 8y ago
  Sure they're sitting on a lot of wealth, but it's not an investment if you're living in it, because there's no income. Also, having to move out of an area because you can't afford the taxes on your house says to me that the taxes are out of proportion (or should be reduced for primary residence), or the house values are crazy.
  - refurb 8y ago
    Get a reverse mortgage? Why should we give tax breaks to people who won the housing lottery?
    - drb91 8y ago
      Well they’re living in the house, that’s why.
      - refurb 8y ago
        Doesn’t mean they can access the equity. But we wouldn’t want them to have to pay interest now would we? They should be able to pocket that huge financial win for themselves.
- rmason 8y ago
  Actually the reverse happened in Detroit. Your houses value dropped 80% but your property taxes didn't drop. Imagine you're retired and over 65 so you no longer owe property taxes. But you don't know it, the tax bills keep coming and you lose your house. It is still happening in Detroit. You've lost your job in the 2008 recession (in Detroit with 35% unemployment it was a depression) so you don't have to pay your property taxes until you go back to work. But you don't know, the bills keep coming and you lose your house. It is still happening in Detroit. You're a lucky one, you kept your job and are still able to pay your now inflated property taxes. But neighbors on both sides of you lost their houses and they're empty. An arsonist sets fire to both of them and the resulting blaze burns your house down. Yes, it's still happening in Detroit.
- C1sc0cat 8y ago
  Depends if your retired with a fixed income it does and your income wont always increase at the same rate. Limiting property tax increases to RPI + one or two percent would be fairer to the lower income housholds
drb91 8y ago
Some people like where they live more than they like money.
jjeaff 8y ago
That's a typical attitude for someone who makes enough money to live where they are living. Sure, why not, you can just upgrade houses. But, how much money would it take for you to quit your job and leave your home, family, and friends behind? Because that's what it amounts too. Few people are able to sell their newly expensive place and find a cheaper or equal option that doesn't require completely uprooting.

deleted 8y ago

[deleted]

refurb 8y ago

Exactly. "My tax bill went from $8K per year to $32K per year, poor me!" doesn't buy much sympathy when your house went from $200,000 to $800,000 over the same time period.

kristianp 8y ago
Sure they're sitting on a lot of wealth, but it's not an investment if you're living in it, because there's no income. Also, having to move out of an area because you can't afford the taxes on your house says to me that the taxes are out of proportion (or should be reduced for primary residence), or the house values are crazy.
- refurb 8y ago
  Get a reverse mortgage? Why should we give tax breaks to people who won the housing lottery?
  - drb91 8y ago
    Well they’re living in the house, that’s why.
    - refurb 8y ago
      Doesn’t mean they can access the equity. But we wouldn’t want them to have to pay interest now would we? They should be able to pocket that huge financial win for themselves.
rmason 8y ago
Actually the reverse happened in Detroit. Your houses value dropped 80% but your property taxes didn't drop. Imagine you're retired and over 65 so you no longer owe property taxes. But you don't know it, the tax bills keep coming and you lose your house. It is still happening in Detroit. You've lost your job in the 2008 recession (in Detroit with 35% unemployment it was a depression) so you don't have to pay your property taxes until you go back to work. But you don't know, the bills keep coming and you lose your house. It is still happening in Detroit. You're a lucky one, you kept your job and are still able to pay your now inflated property taxes. But neighbors on both sides of you lost their houses and they're empty. An arsonist sets fire to both of them and the resulting blaze burns your house down. Yes, it's still happening in Detroit.
C1sc0cat 8y ago
Depends if your retired with a fixed income it does and your income wont always increase at the same rate. Limiting property tax increases to RPI + one or two percent would be fairer to the lower income housholds

drb91 8y ago

Some people like where they live more than they like money.

jjeaff 8y ago

That's a typical attitude for someone who makes enough money to live where they are living. Sure, why not, you can just upgrade houses. But, how much money would it take for you to quit your job and leave your home, family, and friends behind? Because that's what it amounts too. Few people are able to sell their newly expensive place and find a cheaper or equal option that doesn't require completely uprooting.