U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 11-09-2016, 07:16 PM
 
Location: Lone Mountain Las Vegas NV
12,823 posts, read 4,844,736 times
Reputation: 5685

Advertisements

Quote:
Originally Posted by cmarlin20 View Post
I think you mean Prop 13, not Mello Roos.
I would think you are correct. 13 not Mello Roos which deals with infrastructure taxes paid off by the buyer over some years.

Note this whole thing leads to a weird RE scenario and becomes dominant in some neighborhoods. A relatives place is going to the children who actually are compelled to live there by the economic impact of selling. Basically you got a place pay 2,000 a year in taxes which will pay 20,000 a year in taxes if sold. So we have a tax avoidance of about 18,000 a year by not selling. And if the children would like to move on in CA they basicallly have to eat the equivalent of half a million dollars or so in the change of taxes. And on top everybody is trapped until the parents pass on...and then they have to use a mortgage to pay the taxes on part of the value.

The Whole thing is really absurd when you think about it. But it also now has legs...the dislocation from changing it is to great to deal with.
Reply With Quote Quick reply to this message

 
Old 11-10-2016, 05:49 AM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,923,045 times
Reputation: 6716
Quote:
Originally Posted by markg91359 View Post
Robyn,

I obviously don't live in Las Vegas, but I do visit there about once a year. Also, my St. George home is about 120 miles away.

I'm not sure what motivates you to want to live in Las Vegas. If it is weather, I suspect you might be happier in Arizona...
What intrigued me was getting a large variety of restaurants/entertainment in a relatively small metro area. So I threw it on the wall to see if it stuck. Don't think it does. In particular - I don't think I could take the summers - and the lack of humidity. Not that Florida is any great shakes in terms of the summers - but 100+ day after day after day is worse IMO. Also - I like a reasonable amount of humidity (many people don't - but I do). Our Florida summer combo of heat and humidity is a bit much. Still - I can play golf here in the summer in the afternoons (albeit just barely). Don't think I could do that in Las Vegas. We've been to the Phoenix area in the summer - and I know that outside activity was pretty much impossible there in the afternoons. Robyn
Reply With Quote Quick reply to this message
 
Old 11-10-2016, 07:49 AM
 
100 posts, read 65,282 times
Reputation: 377
We have friends who retired and moved to Henderson. They are very active and went there for the multiple entertainment options. They have made a lot of friends that they camp with and enjoy many visits together. Every Wednesday night is date night and they visit the casino lounges (not on the strip) to dance and listen to new bands play. They love it. We visit a couple of times a year, staying in our timeshare so we get to see them every few months and get to enjoy Vegas the way the locals do which is vastly different than the tourist experience. I love it out there and would move there in a heartbeat. The only reason I don't is because my wife said, "HELL NO!" She is not about to leave the grandkids behind.


All that being said, I do understand the issue with the heat. I remember one year we were visiting in August. We had a mid-morning flight out that day so I had set the alarm clock for 6 AM. I'll never forget the next morning when the alarm went off and the guy on the radio said, "Good morning Las Vegas! It's 6 AM and it's 106." I have to admit, that day, I was ready to go home.
Reply With Quote Quick reply to this message
 
Old 11-10-2016, 11:50 AM
 
Location: Lone Mountain Las Vegas NV
12,823 posts, read 4,844,736 times
Reputation: 5685
Quote:
Originally Posted by Stratman View Post
We have friends who retired and moved to Henderson. They are very active and went there for the multiple entertainment options. They have made a lot of friends that they camp with and enjoy many visits together. Every Wednesday night is date night and they visit the casino lounges (not on the strip) to dance and listen to new bands play. They love it. We visit a couple of times a year, staying in our timeshare so we get to see them every few months and get to enjoy Vegas the way the locals do which is vastly different than the tourist experience. I love it out there and would move there in a heartbeat. The only reason I don't is because my wife said, "HELL NO!" She is not about to leave the grandkids behind.


All that being said, I do understand the issue with the heat. I remember one year we were visiting in August. We had a mid-morning flight out that day so I had set the alarm clock for 6 AM. I'll never forget the next morning when the alarm went off and the guy on the radio said, "Good morning Las Vegas! It's 6 AM and it's 106." I have to admit, that day, I was ready to go home.
You heard something wrong I think. I do not believe I have ever seen 100 at 6am. Record high overnight lows are in the low 90s. And they generally come with the high temperature over 110 of which there are less than a dozen each year. The overnight lows are always just after dawn so around 6AM.

Robyn is correct that it is rare to see any golfers in the afternoon. Temperatures peak around 4 or 5PM. It is however very comfortable to play a round in the morning. Anything up to a 100 is relatively pleasant with the low humidity and that generally does not occur until 11AM or noon.

In my view anything below 105 is quite tolerable and roughly equivalent to low 90s in FL with high humidity. And the lack of mosquitoes makes it more pleasant.

Robyn is however correct. If you enjoy even some humidity you will not like the SW desert climate. Even out of the high summer it is dry.
Reply With Quote Quick reply to this message
 
Old 11-11-2016, 01:08 PM
 
26,589 posts, read 52,267,707 times
Reputation: 20410
Quote:
Originally Posted by lvmensch View Post
I would think you are correct. 13 not Mello Roos which deals with infrastructure taxes paid off by the buyer over some years.

Note this whole thing leads to a weird RE scenario and becomes dominant in some neighborhoods. A relatives place is going to the children who actually are compelled to live there by the economic impact of selling. Basically you got a place pay 2,000 a year in taxes which will pay 20,000 a year in taxes if sold. So we have a tax avoidance of about 18,000 a year by not selling. And if the children would like to move on in CA they basicallly have to eat the equivalent of half a million dollars or so in the change of taxes. And on top everybody is trapped until the parents pass on...and then they have to use a mortgage to pay the taxes on part of the value.

The Whole thing is really absurd when you think about it. But it also now has legs...the dislocation from changing it is to great to deal with.
It might be like this somewhere.

I live and grew up in East Oakland California... not a single one of my high school classmates kept their parents home when they died...

Everyone sold and was happy to cash out and for the most part all had better homes in suburbia...

Even as the homes in my parents neighborhood come up for sale they are all sold... it's a huge windfall for the city... not only in property tax but also collecting one of the highest transfer tax in California.
Reply With Quote Quick reply to this message
 
Old 11-11-2016, 01:21 PM
 
Location: Lone Mountain Las Vegas NV
12,823 posts, read 4,844,736 times
Reputation: 5685
Quote:
Originally Posted by Ultrarunner View Post
It might be like this somewhere.

I live and grew up in East Oakland California... not a single one of my high school classmates kept their parents home when they died...

Everyone sold and was happy to cash out and for the most part all had better homes in suburbia...

Even as the homes in my parents neighborhood come up for sale they are all sold... it's a huge windfall for the city... not only in property tax but also collecting one of the highest transfer tax in California.
It is Santa Monica. And I believe the same goes on in my old neighborhood in Los Alamitos. The rather nice home we bought in 1978 for $180K now sells for about 1.4 million. But we note a number of the neighbors are now hanging in there and passing the home to their children.

I don't see it as evil or anything. Just a vast dislocation of the RE process and likely driving prices even higher by decreasing the liquidity of the market. And I suspect in goes on in all of coastal So CA.
Reply With Quote Quick reply to this message
 
Old 11-11-2016, 05:19 PM
 
Location: Eastern Washington
14,228 posts, read 44,887,015 times
Reputation: 12798
Quote:
Originally Posted by lvmensch View Post
It is Santa Monica. And I believe the same goes on in my old neighborhood in Los Alamitos. The rather nice home we bought in 1978 for $180K now sells for about 1.4 million. But we note a number of the neighbors are now hanging in there and passing the home to their children.

I don't see it as evil or anything. Just a vast dislocation of the RE process and likely driving prices even higher by decreasing the liquidity of the market. And I suspect in goes on in all of coastal So CA.

I guess this is an unintended consequence of the property tax cap you guys have in Cali. If I and my sister inherited a house there from my parents, so long as the location more or less worked for both of us regarding work, we would no doubt both stay in the house, or one would buy the other out, or pay rent to the one not living there. The house with locked-in low property tax for us, would be worth more to us than to an un-related buyer. In a way we would become like serfs, tied to that land whether we like it or not.
Reply With Quote Quick reply to this message
 
Old 11-11-2016, 06:11 PM
 
Location: Lone Mountain Las Vegas NV
12,823 posts, read 4,844,736 times
Reputation: 5685
Quote:
Originally Posted by M3 Mitch View Post
I guess this is an unintended consequence of the property tax cap you guys have in Cali. If I and my sister inherited a house there from my parents, so long as the location more or less worked for both of us regarding work, we would no doubt both stay in the house, or one would buy the other out, or pay rent to the one not living there. The house with locked-in low property tax for us, would be worth more to us than to an un-related buyer. In a way we would become like serfs, tied to that land whether we like it or not.
Yes and it can get tricky. You end up having to mortgage the property if a sibling is involved. Sister in Laws place will run 1.8 million so to pay off one kid so the other can continue you need to mortgage the place for 900K. And now the remaining kid has a 6,000 a month mortgage payment. By normal rules of thumb that means an annual income of something like $200,000. Or the remaining kid pays a rent to the not which could easily run $5000 a month for a comparable rental. It can work on a friendly deal I suppose where the kids work out a rent and ownership combination but boy are we getting into weird territory.
Reply With Quote Quick reply to this message
 
Old 11-11-2016, 06:19 PM
 
2,952 posts, read 1,636,421 times
Reputation: 5292
Quote:
Originally Posted by tijlover View Post
I've met any number of people, who have nice spacious homes here in Las Vegas, and when family/friends come to visit, any number of them opt to stay on the Strip, where the action is. They didn't come here to stay in a residential area.

I've been here 20 years, built a spare bedroom for potential guests, and no one from the Midwest has yet to stay in my house overnight.

Which suits me only too well!
Could of wrote this myself and agree. I actually go stay on the strip with them. Fun Times!
Reply With Quote Quick reply to this message
 
Old 11-11-2016, 06:26 PM
 
Location: Eastern Washington
14,228 posts, read 44,887,015 times
Reputation: 12798
Quote:
Originally Posted by lvmensch View Post
Yes and it can get tricky. You end up having to mortgage the property if a sibling is involved. Sister in Laws place will run 1.8 million so to pay off one kid so the other can continue you need to mortgage the place for 900K. And now the remaining kid has a 6,000 a month mortgage payment. By normal rules of thumb that means an annual income of something like $200,000. Or the remaining kid pays a rent to the not which could easily run $5000 a month for a comparable rental. It can work on a friendly deal I suppose where the kids work out a rent and ownership combination but boy are we getting into weird territory.
It seems to me that Cali has definitely become a "weird territory". No wonder people from there bail out and move to LV when they retire!

Just wondering- if two siblings, assume there are only 2 - just live in the house, both of them, if the house is paid off, they can live there and keep the frozen property tax, right?

Or, alternatively, they could rent it out, split the rent as they see fit, and since they still own the house, the property tax again remains frozen - or does it? Or would it take a Cali real estate lawyer to answer that?
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top