In some parts of the country there is a whole different factor at work, where seniors can't afford to stay in their homes because they can't pay the property taxes.
Rentals include the price of the property tax, so you are paying it anyway. When I rented, the property taxes went up, and the landlord increased my rent to cover it. No landlord is going to give away the cost of the property tax, they will include it in the rent.
because they can’t pay the property taxes.”
It’s not just the property tax, it’s the homeowner’s insurance, the cost of wind insurance which we are required to have and the cost of repairs and maintenance.
Right now I need to replace my roof, replace my driveway which is beginning to sink, put in a root barrier to prevent damage to my foundation from tree roots, replace my backyard fence - two of my neighbors are refusing to pay their half - and paint the inside.
Maintaining a home in good condition is a must in order to maintain the integrity of a neighborhood and preserve your investment. These costs are often more than the cost of the mortgage and taxes and often not considered by younger buyers.
Even if you payoff your house, you are still “renting” from the government. I effected, they are the final landlord, and we own nothing...
In Vermont my mothers house went from having taxes of $3200 a year when she lived there. She moved into assisted living. The non resident rate for the house is $11,200.
The property that has been in the family for 147 years will be cut up piecemeal to pay taxes.
A damned shame. But, you have to screw the non-residents.