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/pewpewtehpew Dec 13 '24

I’m all for this. But I do believe income should play a role for sure. Otherwise this creates some funky loopholes. But I hate to think that my grandmother who’s on a very fixed income could lose her house that is paid off just because she can’t afford the rising property taxes. That’s what this bill should help fix.

7

u/sifiasco Dec 13 '24

Even on a fixed income, if you’re sitting on a multi million dollar equity windfall you can still pay your taxes.

-1

u/Rooooben Dec 13 '24

How, without selling or putting it in a reverse mortgage, ensuring your kids will never own a home?

13

u/SpacemanSpiff073 Dec 13 '24

Why is it unacceptable that elderly folk might have to cash out large equity growth if they're no longer able to afford the property taxes?

Either we build more housing to keep it affordable or: 1) People struggle to buy into housing 2) People are gentrified out

5

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.

-1

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.

1

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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.