4 ms·
With the current limits on construction in CA eliminating Prop 13 would mean the fixed income senior citizens would have to sell their house to pay property tax
by dantheman 7y ago
With the current limits on construction in CA eliminating Prop 13 would mean the fixed income senior citizens would have to sell their house to pay property taxes and then move out of state because they can't afford the rent on a 1BR.
- not_real_acct 7y agoYep. I think my Mom is typical: because of Prop 13, she can't move. Her property taxes on a new home would be 20X as much. Due to this, she's kinda 'stuck.' She lives in a house that's larger than what she needs, but she can't justify moving. I think she'd love to "cash out" some of that equity, but she can't. This is how we got reverse mortgages (which are horrible.)
- lern_too_spel 7y agoIf your mom is over age 55, she can't use that excuse due to Propositions 60 and 90.