Quote:
Originally Posted by Mr.Appa
Not if you are 55 or older I thought? Can't you pay the same property taxes when downsizing (prop 19): https://www.boe.ca.gov/prop19/#FAQs
It feels like yet another way that you are penalized for being born in the last 30 years.
Sincerely,
A disgruntled millennial |
That whole thing is ridiculous. The rest of the country has known real estate taxes were broken as hell in CA for a long time but I didn't know they'd passed this Baby Boomer protection program. For every one of these senior housing situations CA has created where someone owns a house and they couldn't own it if they had to pay a fair share of taxes there is likely another senior who is a multi-millionaire who is paying a pittance of taxes cause they gamed the system.
I wonder though if/when Gen X and Millennials finally take over... will they be smart enough in California to demand a change to a sensible real estate tax situation or will they just change it to grandfather themselves in and screw Gen Z or Alpha.
There was something I read recently that was disturbing. I get it Gen X and Xennials (like myself) are a baby bust and we will always be underrepresented as homeowners.
But Millenials are a big generation just like Boomers. And right now in the US apparently Baby Boomers own 2x more of the stock of 3 or more bedroom houses than Millennials, despite Boomers basically all being empty nest at this point. "Downsizing" has not really happened yet, they are still holding onto a large % of the housing stock across the country.
And at least what I have seen "downsize" often means "build me a 3000-4000 sq. foot condo with 3-4 bedrooms in a 55+ community" which means fewer houses being built that younger families can buy.