No County for old men (Austin: rental, houses, to buy)

[suit-n-tie white guy]

startling look at poverty for the odl people in centrla texas

Austin not ready for 'silver tsunami' of poor seniors, experts warn

http://www.statesman.com/multimedia/dynamic/01427/WEB040812eldermaps_1427277c.jpg (broken link)

[xit2nowhere]

suit-n-tie white guy,
in your opinion it will get only much worse from here? How long do u think it will last?

[suit-n-tie white guy]

its bad. there have been elderly peopel wandering the countryside unabel to sell their overpriced houses and refusign to declare bankrupcty. They eat squirels they hunt from the Seam.

[sxrckr]

Odd topic. But yes, baby boomers are aging.

[Gorfml]

so the white areas are full of rich old ppl?..

[suit-n-tie white guy]

the articel says its getting worse but the map doesnt look it. maybe its getting more concertetated. Austin is a bad place to live if your old and have no money.

[Trainwreck20]

If you are a homeowner age 65 or older, you may defer or postpone paying any delinquent property taxes on your home for as long as you own and live in it. To postpone your tax payments, file a "tax deferral affidavit" with your appraisal district.

You may suspend any lawsuit by filing an affidavit with the court. The deferral is for all delinquent property taxes of the taxing units that tax your home.

A tax deferral only postpones paying your taxes. It doesn't cancel them. Interest is added at the rate of 8 percent a year. Once you no longer own your home or live in it, past taxes and interest become due. Any penalty and interest that was due on the tax bill for the home before the tax deferral will remain on the property and also become due when the tax deferral ends.

This is an interesting program available to seniors which allows you to not pay taxes on your property after you turn 65. The taxes accrue and are due (basically, upon death, if you live in it until then). The state then acquires the property, sells it, and applies any proceeds to pay the back taxes (plus interest). In general, this means your 'heirs' will not get any inheritance, but if you have very little money anyway, it is not a big deal. The real plus side is if you property has increased in appraised value well beyond what you paid for it and you can no longer afford the taxes. Even if your taxes due go well beyond the value of the property, you can continue to defer them.

[owlman]

Interesting. What happens if you still have a mortgage? I can't see the bank allowing you to become that delinquent on property taxes.

[CptnRn]

Originally Posted by suit-n-tie white guy

startling look at poverty for the odl people in centrla texas

Austin not ready for 'silver tsunami' of poor seniors, experts warn

Which is why you younger folk should get a job with a pension plan and save all you can for retirement instead of blowing your money on all the latest high tech gadgets, expensive cell phone plans and more exotic cars then you really need to get around. I have a younger tenant in my rental house who wants to buy her own home, but can't afford to, yet she keeps blowing her money on stuff like that.

[Trainwreck20]

Interesting. What happens if you still have a mortgage? I can't see the bank allowing you to become that delinquent on property taxes.

You have to own the home outright, I believe.

get a job with a pension plan

Those are few and far between now days .