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Boomers wanting to downsize face huge tax bills
(www.cnn.com)
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this post was submitted on 30 Jan 2024
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Maintenance costs are probably fairly minimal given how little wear and tear happens in an empty nest. And property taxes for elderly folks are usually frozen or nearly frozen in place - meaning the next buyer will be paying a much higher tax on the same house because they won't qualify for those exemptions.
It seems like you don't own a home, so I'm not sure there's much point in continuing this conversation.
To the contrary - I own a large home in an urban area and it is filled with my children. But we don't have to have a conversation - I was only pointing out the flaws in your logic. My tax bill will be $12k this year while my elderly next door neighbor's will be a fraction of that. Our homes are identical (3k sqft over 3 floors). She's not leaving because it would make little financial sense to do so. This is quite common.
Sounds like one of those people that doesn't take a raise because it'll put them in a new tax bracket. People that don't know how the adult world works.