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I would love to downsize from my family sized house to a smaller house. It’s my dream that will probably not happen. Why? Property taxes.
I live just outside of Austin. If I sold and downgraded I would double+ my property taxes. Currently I pay taxes on 1/2 the appraised value of my house and I can, hopefully, manage that well into retire…
I would love to downsize from my family sized house to a smaller house. It’s my dream that will probably not happen. Why? Property taxes.
I live just outside of Austin. If I sold and downgraded I would double+ my property taxes. Currently I pay taxes on 1/2 the appraised value of my house and I can, hopefully, manage that well into retirement even with the 10% annual increase. If I sell and buy a new house, even if smaller, it will likely cost close to what I can sell my current house for and then my taxes will instantly double and guarantee I will not be able to afford to stay in my house until property taxes make it too expensive if the home insurance doesn’t whack me first.
The same is true for me in another state. If we downsize we'd end up paying all the money from our appreciated house (had it for 25 years) would go for remodeling an older single story house in a neighborhood we want because the area is old and the property tax would increase. We certainly don't want a mortgage again at our age and retirement status so we'll stay put.