I think value that a home is taxed should be “locked” when a house is bought or sold. The taxes should not go up or down for people who stay in their homes for their entire life. If a house goes up in value, the taxes should NOT be increased if the owner is not selling.
Not exactly. When one gets a "home equity loan", they are effectively selling their residence again. The value should be reset to the appraisal used to get the home equity loan.
That’s exactly what save our homes is. It can only increase by a amall percentage each year. I like it - I’m on a fixed income, and I can’t afford to suddenly have taxes jump.
When I bought my current house, I made my decison based on what I knew the taxes were going to be. They were twice what they were in my old house, and it almost kept me from moving. The new people who bought my old house saw their taxes jump from $600 to $2000. But they knew they would - on the county appraisers site, they have big red letters at the top warning if the taxes will jump substantially in a sale.
I think value that a home is taxed should be “locked” when a house is bought or sold. The taxes should not go up or down for people who stay in their homes for their entire life. If a house goes up in value, the taxes should NOT be increased if the owner is not selling.
I agree. This is why so many elderly have to sell their homes. Even if an elderly couple received 1400 for social security and 2000 for pensions, the taxes going up can “eat” that up pretty quickly especially if other things go up along with it which they do.
Unfortunately, isn't that what drives city councils to abuse eminent domain? Won't they try to "blight" your home to get you out so they can reappraise the land and have someone else pay the higher taxes?
-PJ
totally agree.