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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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We bought our 1800 sqft house in Sacramento for almost 600k 2 years ago, when it was worth less than half that the last time it was appraised in 2008. We were at least fortunate enough to get a 30 year loan at 3.3% but we will NEVER see property taxes as low as many of our neighbors who have lived there for 20+ years.
My parents are selling their house in a couple of years in order to move closer to us. They'll easily get over a million for it and then they'll turn around and use that money to buy a house for 500k in cash. Yeah, they'll take a hit in taxes but they will still have plenty left for buying the new house outright (so no mortgage), plus doing some additional renovations that my dad wants to do in order to have his dream kitchen.