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> The contract breech: Property taxes going up so fast that the only possible solution was to sell your home. Now, of course the value of the home was going up,
by troydavis 7y ago
> The contract breech: Property taxes going up so fast that the only possible solution was to sell your home. Now, of course the value of the home was going up, which was what was driving the taxes.
The State of California offers another solution. It's called Property Tax Postponement: https://www.sco.ca.gov/ardtax_prop_tax_postponement.html https://www.sco.ca.gov/ardtax_prop_tax_postponement.html
"The State Controller’s Property Tax Postponement Program allows homeowners who are seniors, are blind, or have a disability to defer current-year property taxes on their principal residence if they meet certain criteria including 40 percent equity in the home and an annual household income of $35,500 or less."
The taxes are deferred until a change of control, like due to a sale or transfer to next of kin. Many or most high-cost-of-living jurisdictions have similar programs.
- x3n0ph3n3 7y agoSo the future home purchaser ends up paying all of those deferred taxes? Yikes.
- jacobolus 7y agoNo, the future purchaser pays market price, but some portion of the money that the seller gets from the sale goes to paying back the deferred taxes they owe.
- zeveb 7y agoThat’s a really low annual household income, particularly for California. But perhaps it's tweakable.
- jacobolus 7y agoThis is aimed at elderly people making a living from a pension, social security, etc. Not for people currently earning a full-time salary.
- zeveb 7y agoYeah, but $35,000 from one's pension/401(k)/Social Security is still peanuts for California. That's got to be well below effective poverty level for someone living in San Francisco, LA or San Diego, even without rent.
- rcpt 7y agoThen we can talk about changing that limit. Several states have programs like this and they work just fine, eg. https://www.state.nj.us/treasury/taxation/ptr/ https://www.state.nj.us/treasury/taxation/ptr/ It's a totally different problem from prop 13.