If I’m a senior citizen paying $4,000/year in property taxes and the next owner of my home would pay $9,000+ in property taxes under the “reassessment,” how do I ever manage to sell the house?
Simple...Any home they buy they’re going to pay taxes on the new assessment rate.
OK, I’ll play.
If the Old Folks sell their House for what the Appraised Property Tax Value is, say $400,000, the new owners will pay $4,000 in Property Taxes on it.
If the Old Folks sell their House at the current Market level, $900,000, the new owners will pay $9,000 in Property Taxes.
Now here’s the tricky part, the new owners KNOW what their Property Tax Bill will be BEFORE they decide to buy the House.
Now, isn’t that simple? They make an informed CHOICE, then they can’t complain about the outcome. I think we call that personal responsibility.
If they really want to buy a cheap House, they can move to Detroit.
” If I’m a senior citizen paying $4,000/year in property taxes and the next owner of my home would pay $9,000+ in property taxes under the “reassessment,” how do I ever manage to sell the house?”
I fail to see how you’re paying $9000 would increase your chances of a sale.