No retired person in the United States. Should have to worry about losing their house over unpaid property taxes… Once you hit retirement age, Housing property taxes should cease.
Property tax should end for homeowners at the age of 70. In 1984 my property taxes were $985 a year. I am now 72 and just retired and my taxes are $1,700.00 a month. Why should all the money I saved to retire go to pay property taxes? Please help the elderly
Property tax and housing solution:
Increase the homestead exemption for homeowners of their primary residence.
Simply reducing or eliminating property taxes just means a shift in the government taking the money from your left pocket instead of your right. Not helpful.
Another unintended consequence of reducing property taxes is that then (land)lords accumulate even more while the rest become perpetual serfs.
There is a residence in the U.S. for every 2.3 citizens. More than enough for everyone (well actually almost every other one). In LA, there are 100,000 vacant residences (and 60,000 homeless). Not saying every homeless person gets a free house, just pointing out the supply exists.
Investors (Blackrock, Vanguard, State Street, Berkshire Hathaway, Bill Gates, China, Zionists) currently buy over one third of all residences. Not good for building communities. Rents have tripled.
A better solution is to gradually shift property taxes from individual homeowners to investors. This eliminates most individual homeowner taxes and makes home purchase more affordable. Increase the homestead exemption $50k/yr for the next decade. Texas started in that direction with the homestead exemption just increased from $40k to 100k. Keep it going to $500k.
Result: some investors will raise rents while others progressively dump their residences on the market (lowering home prices), thus simultaneously increasing home ownership and shrinking the rental market.
The same model can be applied to commercial premises. There is also a looming crisis in commercial real estate that could also be solved by business owners owning their buildings (or co-op in the case of larger multi business structures) and their land, not land lord investors.
Aside, we could also rethink sending the Voldemort country (that which shall not be named) $275 million per day.
I understand that eliminating taxes from the homeowner of retired persons takes away taxes from either the local, state or federal government. And we all realize that none of our governments are going to quickly become more fiscally responsible. Healthcare works the same way, there is a single bucket of money for everything in healthcare as soon as a new procedure is authorized for reimbursement, money gets taken away from somewhere else
However, there must be a way to reduce taxes off the houses of retired persons so that they don’t risk losing the home they took decades to pay off because of taxes. I agree that increasing taxes of corporately owned housing might move the burden of housing taxes from retired individuals to corporations.