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I think one argument against this sort of thing is that it can price out an older person or someone inheriting a property. What's the recommended approach for s

by prawn 3y ago

I think one argument against this sort of thing is that it can price out an older person or someone inheriting a property. What's the recommended approach for situations like that? Time for them to sell the ancestral property and downsize? We've recently added a land tax here in South Australia, but your first property is excluded. The tax was very unpopular with property developers who lobbied aggressively, which could be one sign it's the right direction! It had to factor in ownership of land through shell companies because sometimes developers create an entity per venture. But I doubt the tax is aggressive enough to really help young aspiring home owners. House prices are still brutal and still growing.

huevosabio 3y ago
I think exempting is probably a bad idea, but tax deferrals like the one Texas has [0] are a good way to ameliorate this, : ``` Texans may postpone paying current and delinquent property taxes on their homes by signing a tax deferral affidavit at the (NAME) County Appraisal District office if they are: • age 65 or older; • disabled as defined by law • qualified disabled veterans, their unmarried surviving spouses, or their unmarried children under age 18, if no surviving spouse; or • unmarried surviving spouses of U.S. armed service members killed on active duty and their unmarried children under age 18. Once the affidavit is on file, taxes are deferred — but not cancelled — as long as the owner continues to own and live in the home. Taxes accumulate with 5 percent interest per year. The law extends the tax deferral to the surviving spouse of the person who deferred taxes on the homestead if the surviving spouse was at least 55 years old when the deceased spouse died. ``` [0] https://comptroller.texas.gov/taxes/property-tax/docs/deferral-elderly-disabled.pdf https://comptroller.texas.gov/taxes/property-tax/docs/deferr...

by prawn 3y ago

huevosabio 3y ago

I think exempting is probably a bad idea, but tax deferrals like the one Texas has [0] are a good way to ameliorate this, : ``` Texans may postpone paying current and delinquent property taxes on their homes by signing a tax deferral affidavit at the (NAME) County Appraisal District office if they are: • age 65 or older; • disabled as defined by law • qualified disabled veterans, their unmarried surviving spouses, or their unmarried children under age 18, if no surviving spouse; or • unmarried surviving spouses of U.S. armed service members killed on active duty and their unmarried children under age 18. Once the affidavit is on file, taxes are deferred — but not cancelled — as long as the owner continues to own and live in the home. Taxes accumulate with 5 percent interest per year. The law extends the tax deferral to the surviving spouse of the person who deferred taxes on the homestead if the surviving spouse was at least 55 years old when the deceased spouse died. ``` [0] https://comptroller.texas.gov/taxes/property-tax/docs/deferral-elderly-disabled.pdf https://comptroller.texas.gov/taxes/property-tax/docs/deferr...