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Comment on ‘My Property Tax Went From $15K to a Life-Altering $91K a Year’

WoodScientist@sh.itjust.works ⁨10⁩ ⁨months⁩ ago

This Boomer homeowner is why those Gen Z families can’t find homes. If your single family home is worth $4 million, that is the market telling you that that single family home should not exist. The land is too in demand, too close to jobs, too close to amenities etc. to have that lot hoarded by a single selfish person. You want to live in a single family home on a quarter acre lot? Fine. Do it on the edge of the city where the land is cheap. This women’s lost could provide homes for a dozen families, at prices that would be affordable to Gen Z families. Instead people like her vote to prevent such redevelopment.

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jj4211@lemmy.world ⁨10⁩ ⁨months⁩ ago
Based on the backstory, they kind of did what you said, bought it in a relatively more affordable context, and then the world changed their minds around them and retroactively declared it a multi million dollar property. Well at least for tax purposes and likely insurance, but not necessarily market rate (tax assessments commonly lag the market, so a market downturn could leave them with a multi-million dollar house that no one will pay the stated value for

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- grue@lemmy.world ⁨10⁩ ⁨months⁩ ago
  
  Well at least for tax purposes and likely insurance, but not necessarily market rate (tax assessments commonly lag the market, so a market downturn could leave them with a multi-million dollar house that no one will pay the stated value for
  
  More like the house is likely worth even more than the $4.4M it was assessed at. But nice try trying to spin your point to fit your narrative.
  
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3abas@lemm.ee ⁨10⁩ ⁨months⁩ ago
Are you okay?

If your single family home is worth $4 million, that is the market telling you that that single family home should not exist.

Right, an unsustainable bubble, I said that. This boomer family bought a reasonably sized and priced house that’s on the edge of the city, and now they’re forced to sell it and not be able to replace it with a bigger home on their budget in the same part of town, they didn’t fuck things up Zillow did!

The gen z family who buys today won’t be about to upsize tomorrow, and you’re gonna blame them.

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- grue@lemmy.world ⁨10⁩ ⁨months⁩ ago
  The fuck-up was by the city, which failed to abolish the single-family zoning in order to allow the land to be developed to its highest and best use.
  
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