California income taxes
03-13-2021, 08:27 AM
#551
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Joined APC: Sep 2019
Posts: 1,538
You are projecting your circumstance on other people. There are plenty of city employees, truck drivers, etc. who will retire with fixed incomes that are much lower than yours and would like not to be forced out of their homes. In many other parts of the country this is not a problem because they lack the high price of housing and living costs that exist in CA. A retiring truck driver in Le Claire IA doesn't need the protection of prop. 13.
03-13-2021, 08:31 AM
#552
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Joined APC: Dec 2012
Posts: 2,156
Take Rick’s second suggestion and make it .5%. There are also programs that reduce costs now. First time home buyer, low income, military that take away PMI. So in that sense I agree more of that please. What I don’t want is the locked in property tax rules to change.
03-13-2021, 08:32 AM
#553
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Joined APC: Sep 2016
Posts: 6,737
You are projecting your circumstance on other people. There are plenty of city employees, truck drivers, etc. who will retire with fixed incomes that are much lower than yours and would like not to be forced out of their homes. In many other parts of the country this is not a problem because they lack the high price of housing and living costs that exist in CA. A retiring truck driver in Le Claire IA doesn't need the protection of prop. 13.
03-13-2021, 08:38 AM
#554
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Joined APC: Sep 2016
Posts: 6,737
Take Rick’s second suggestion and make it .5%. There are also programs that reduce costs now. First time home buyer, low income, military that take away PMI. So in that sense I agree more of that please. What I don’t want is the locked in property tax rules to change. That’s basically what I’m saying.
and before you ask, yes, I own property and pay the taxes.
03-13-2021, 08:40 AM
#555
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Joined APC: Dec 2012
Posts: 2,156
there’s coastal homes right now in the 1 million range. I would suggest buying one if you want to stay in California when you retire. You’ll more than likely qualify unless your a commuter FO or have no savings. That way you to can experience the fantastic wealth building of coastal RE.
03-13-2021, 08:42 AM
#556
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Posts: 1,538
It's not spendable wealth until you sell the house that you want to stay in for retirement. Are you suggesting that those retirees get a mortgage to improve their lifestyle or pay their rising taxes.
03-13-2021, 08:46 AM
#557
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Posts: 6,737
I’m suggesting that taxes shouldn’t be hugely disparate for identically valued homes right next to each other based solely on when a person was born.
03-13-2021, 08:47 AM
#558
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Posts: 2,156
it’s more like I knew the rules when I took a risk and spent several hundred grand. Other are free to take the same risk.
03-13-2021, 08:50 AM
#559
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Joined APC: Sep 2016
Posts: 6,737
or something like that, I’m writing a paper and can’t compose a compellingly poetic retort.
03-13-2021, 08:52 AM
#560
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Joined APC: Dec 2012
Posts: 2,156
a reverse mortgage. You’ll have wilford Brimley all lined up to sell you one. After you die the state can give your home to someone born later.
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