Women most vulnerable to poverty in retirement. (pension, divorce, divorced)
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My neighbors, at the second home I bought, were elderly.
They were the nicest couple... one day, Ann called me and asked if I could help her retrieve the family car from the bank parking lot... Al, at 84 years, had just had a heart attack and died at the Bank...
He had a wonderful life and a true Gentleman in every sense of the word... a tip of his hat always to the ladies.
He was dating Ann during the Depression for several years and she finally proposed to Al... saying she wanted to be married and needed to know if he didn't...
He said... yes and that they needed to buy a home... she said an apartment would be fine and then he told her he had been saving for this day... and just about had enough money saved... see, he didn't want to propose marriage to the love of his life till he could provide a proper home...
She was a little annoyed at first waiting the several years when she learned he had saved enough to pay cash for a home... starting life together with no debt and home paid for... they both came from very modest families and Al had 3 younger sisters and a widowed mother.
In 1934 they bought their 2 bedroom home and lived their the rest of their lives... they couldn't have children... so having the kids taking care of them was never an issue...
There was a time or place where people were very cautious financially... they wouldn't buy a car, house or TV without the cash in hand...
Ann eventually sold her home to me... she continued to rent back for a modest amount for the next 14 months... when she needed care... she moved to the local retirement home and my mortgage payment covered the cost... she carried the loan and was getting market rate interest vs. much less if it was in the bank.
On the first of every month I would hand deliver the payment and we had a chance to catch up on things...
Oakland California... my tax is $9,000 a year or $750 per month
My property tax would be $8,300 if I hadn't got the Assessor over here twice in the past three years. Now it's $5900. Still chokeable, but not quite as bad.
My property tax would be $8,300 if I hadn't got the Assessor over here twice in the past three years. Now it's $5900. Still chokeable, but not quite as bad.
My Bill went to $9,400 and then it dropped to $8,100 for tax year 2009 and then right back to what I paid for the place last year and this year.
Last year I did an informal appeal and it was denied even with the 22 comparables I submitted... the problem, according to the assessor, is the 21 of the comps are distressed sales and do not count
So this tax year I paid the $50 filing fee and demanded a hearing before the board... still had to pay the full amount and the board has 2 years to make a determination
So, it looks like I will have to pay the $50 filing fee every year because the assessor has taken the stand the county needs every dollar and even delaying is a tactic to keep the money.
Last year I did an informal appeal and it was denied even with the 22 comparables I submitted... the problem, according to the assessor, is the 21 of the comps are distressed sales and do not count
And that's despite the fact that in this economy they were sold for fair market value. They get ya comin' 'n goin'.
So what happens when you are no longer able to drive that motorhome? Or you need assistance getting to the bathroom? If you have the resources to hire help, hallelujah. If not, what's the plan?
I have at least a dozen friends who are wearing themselves ragged caring for parents who insist they "never wanted to be a burden to their kids."
My folks did not "expect" their kids to care for them either. As my Mom tells it, they never planned on getting old.
But, as luck would have it, they did not have an alternate plan either.
For the last ten years of his life, my Dad could barely get out of a chair, let alone drive or do any chores around the place. My Mom waited on him with the iced mugs of water and the small plates of cheese and crackers (he was partial to gorgonzola), and the rest of us pitched in to cut the grass, clean the gutters, paint the porch, drive them to medical appts, grocery shopping, etc. Who else was there to do this?
When he passed on to his reward, Mom moved into a place where, mercifully, the outside maintenance was taken care of. There were still trips to the doctor, pharmacy, grocery store, etc.
For the last three years, she has lived with one of us. She has dementia and needs a great deal of care. But as she does not need skilled nursing care, she is not eligible for a Medicaid-paid facility, most of which are dreary enough places that they would only be a last resort anyway. Nor does she have the $5000+ a month to pay to live in a decent memory care facility.
Thank heavens for the widows with their wits about them and the paid-for homes who are so frugal they make church mice look like spendthrifts.
Thank heavens for the food stamps, and the heating assistance, and the good-hearted daughters who help them stretch their meager income to cover the basics.
But people are living longer and are going to need more care as they get closer to the end. Who is going to provide that?
It is all well and good to state that you never plan to be a burden on your kids. But what is your plan to avoid that?
The motor home has always been a joke for us. While we might rent one for a trip, we'd never would buy one and do what we threaten..
To keep from being a burden on the kids, we'll have LTC insurance that will hopefully cover most of the cost. While neither of us wants to be in a nursing home, I figure we need to plan for it. Also, if one of us ends up in a home, the LTCi will keep the other from suffering because of the care cost.
Last year I did an informal appeal and it was denied even with the 22 comparables I submitted... the problem, according to the assessor, is the 21 of the comps are distressed sales and do not count
So this tax year I paid the $50 filing fee and demanded a hearing before the board... still had to pay the full amount and the board has 2 years to make a determination
So, it looks like I will have to pay the $50 filing fee every year because the assessor has taken the stand the county needs every dollar and even delaying is a tactic to keep the money.
No distressed sales around here, so they don't have that excuse.
Our assessor was quite cooperative. When I lost my job in 2009, I had city reassess in spring 2010 b/c I was on a cost-cutting tear. A 9 y/o roof had a defective shingle, plus kitchens in both units needed update and my unit has original heating plant. So, they dropped it about 11%.
Last year, I did a refi and had two appraisals that were lower still, appraisers really down at the mouth about the market in general, so I called Assessor again and they dropped it another 7.5%. My neighbor on the corner got an immediate reduction two years ago of 17%.
Tax bill shows property still overassessed by 5%. Not sure I'm going to the well again this year, b/c I will have to pay for another appraisal. And roof has been replaced. Same person here both years. She didn't remember being here the year before.
I told another guy in my city who was stuck w/8.1k in taxes to do the same. He got his down to $6,400.
I can't believe what others here are paying in taxes. I'm griping at $3400. There was an article in the paper about how to appeal, but the article warned that the appeal could go against the homeowner who might have had work done that either didn't get a permit or just was a big improvement since the last assessment. I declined, not wanting to have it blow up in my face, as I've had a lot of remodeling done. When I see areas of the country with taxes below $1000, I'm amazed. A friend from up here just bought a gorgeous Florida home with 4 bdrms and 3 baths for $120K, with taxes under $1K. I wonder how the graft-ridden city and town administrations of the Northeast get away with the constant raising of taxes.
A friend from up here just bought a gorgeous Florida home with 4 bdrms and 3 baths for $120K, with taxes under $1K. I wonder how the graft-ridden city and town administrations of the Northeast get away with the constant raising of taxes.
Yeah, you can buy palaces in certain areas of FL and NV. Both areas have high/extremely high unemployment at 9.9% and 12.6%. Not much in the way of high paying jobs in either state. Both a haven for retirees because of the "low taxes." (aka we don't want to pay for schools and social services)
The social safety nets in the low-tax states are poor. Unemployment benefits in these low tax states are always the lowest. Good luck getting food stamps, Medicaid, energy assistance, or any other type of assistance. Did you know that in TX (another low tax state w/inexpensive housing in many areas) if you have monthly income in excess of $130 you don't qualify for Medicaid? That's to discourage the migrant workers. Their way of dealing with the immigration problem. Middle-income people often send their children to private schools. This is why taxes are so low. Ever watch HGTV and see these southern neighborhoods? No curbs, gutters, or sidewalks, and the roads are often asphalt.
Up here, our suburban public schools are excellent. We have curbs, gutters, concrete sidewalks and roads, social safety nets much better than places like GA and FL.
That's the difference. Not graft-ridden governments. At least not here. Not saying I love all the social welfare programs. Should have made a major change in eligibility requirements 40 years ago. Now the high tax states with the better safety nets attract the poorer people. Catch22.
Last edited by Ariadne22; 02-11-2012 at 07:36 PM..
No distressed sales around here, so they don't have that excuse.
But you are in CA.
Every block in my city has foreclosed or short sales... it is the rare exception to have a "Normal" sale.
The Alameda county assessor has taken a very harsh stand... he said he is fighting to keep the revenue stream flowing...
Simply by discounting all the short or distress sales he has effectively eliminated 90+% of the market.
Some homes here have fallen 80%... most are down 25 to 50%...
Other communities in more affluent areas are down 10 to 15%...
I serious thought of selling and buying one of the foreclosures just to lock in lower future taxes...
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