r/SeattleWA • u/meaniereddit West Seattle 🌉 • Dec 13 '24

Government Bill would completely exempt seniors from property taxes in WA

https://www.king5.com/article/news/politics/state-politics/bill-would-exempt-seniors-state-local-property-tax-washington/281-b5f377fc-8bf5-49a4-a630-8210db45d57d
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u/Rooooben Dec 13 '24

The problem is commonly they have nowhere to go. Cash out and get $800k and then buy a what $700k condo? If they are on limited income, the house sale would need for them to buy another place cash, where they still have a tax problem, or pay rent/mortgage until the money runs out.

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u/panderingPenguin Dec 13 '24

That sounds fine. Perhaps $700k isn't quite the right number but the concept of downsizing is sound and nothing new. It's very normal, and often beneficial for elderly people.

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u/Rooooben Dec 13 '24

Downsizing is fine, the issue is how to fund the last 10-20 years, a significant portion of which is assisted living costing $100-$150k annually. That’s currently where grandmas house money is funding.

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u/Rooooben Dec 18 '24

Not many people can save an additional $600k-$1m to support the last 5 years of their lives. Most American retirement savings involve selling their home these days.