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.
No, we already have Town managed senior apartments for decades and give tax breaks to wealthy 55 and over communities.
Allowing more seniors to sell their homes and move to a less pretentious and more affordable 55 and over condos in turn for selling it to a family instead of a developer or hedge fund makes sense for all involved.
Makes no sense.
My aunt and my mom recently sold there homes for 55+ Condo. In 2016 sold home for 532k bought condo for 385k. House was in bad shape needed 80-100k of work if you did it yourself. Condo was brand new and with the HOA and taxes saved her 5k a year plus it’s gated has a pool etc. she walked away with about 115k in her pocket.
My mom sold her home for 813k in 2022, bought condo in same development as my aunt for 504k. She banked around 270k after condo purchase.
Why would seniors want to sell house at a discount to get a condo at a discount. They are already doing this as most of them are downsizing and profiting and get to pick a place they want to be in.
My aunt sold to a developer was all cash easy deal and they paid for her movers to condo and gave her a credit at closing that covered almost all closing costs. They then converted ranch to a colonial and sold it for 1.07m a year later. It was a easy transaction for her that would of been way harder if selling to a person.
My aunt sold to a developer was all cash easy deal and they paid for her movers to condo and gave her a credit at closing that covered almost all closing costs. They then converted ranch to a colonial and sold it for 1.07m a year later. It was a easy transaction for her that would of been way harder if selling to a person.
This is sort of the crux of the issue. The current housing market is fantastic for existing homeowners and developers who are getting richer than ever, but terrible for any young middle class families looking to put down roots. There are pretty much no starter homes available anymore since these developers keep putting in cash offers that no average middle class earner can compete with. This is happening all over the country too, with more and more single family homes getting bought up by big companies and turned into rental properties. Just awful to think that future generations may be completely locked out of homeownership and the wealth creation it provides.
My aunt and my mom recently sold there homes for 55+ Condo. In 2016 sold home for 532k bought condo for 385k. House was in bad shape needed 80-100k of work if you did it yourself. Condo was brand new and with the HOA and taxes saved her 5k a year plus it’s gated has a pool etc. she walked away with about 115k in her pocket.
My mom sold her home for 813k in 2022, bought condo in same development as my aunt for 504k. She banked around 270k after condo purchase.
Why would seniors want to sell house at a discount to get a condo at a discount. They are already doing this as most of them are downsizing and profiting and get to pick a place they want to be in.
My aunt sold to a developer was all cash easy deal and they paid for her movers to condo and gave her a credit at closing that covered almost all closing costs. They then converted ranch to a colonial and sold it for 1.07m a year later. It was a easy transaction for her that would of been way harder if selling to a person.
Those condos shouldn't get a tax abatement in the first place. Because of the abatements, those purchasing these condos are not paying true market value.
Why should taxpayers subsidize the wealthy elderly to live in luxury condos?
Those condos shouldn't get a tax abatement in the first place. Because of the abatements, those purchasing these condos are not paying true market value.
Why should taxpayers subsidize the wealthy elderly to live in luxury condos?
They pay taxes. There had to be an agreement with the state, no one under 23 can live there according to the bylaws. The reason for that is the state says you are required to educate children up to age 21. Because of this they get a reduced school tax rate due to the guarantee that the district will get no children from the development. It’s a win a win, seniors pay 5k in taxes (3k to the SD). The district gets no additional kids and around 710k in tax revenue in place of what was vacant land paying nothing.
They pay taxes. There had to be an agreement with the state, no one under 23 can live there according to the bylaws. The reason for that is the state says you are required to educate children up to age 21. Because of this they get a reduced school tax rate due to the guarantee that the district will get no children from the development. It’s a win a win, seniors pay 5k in taxes (3k to the SD). The district gets no additional kids and around 710k in tax revenue in place of what was vacant land paying nothing.
They still get more tax abatements in addition to.school taxes. Many times the builders get a break on sales tax on the building materials, reduction on county and town general taxes, and an abatement on the value of the property itself.
It is far past time to stop giving developers of luxury apartments and condos the generous tax breaks and PILOTS they get.
IMO these breaks should only be given to developments that qualify as affordable. Wealthy people can afford to pay non tax break for developers price.
They still get more tax abatements in addition to.school taxes. Many times the builders get a break on sales tax on the building materials, reduction on county and town general taxes, and an abatement on the value of the property itself.
It is far past time to stop giving developers of luxury apartments and condos the generous tax breaks and PILOTS they get.
IMO these breaks should only be given to developments that qualify as affordable. Wealthy people can afford to pay non tax break for developers price.
I don't disagree, I think in this situation the school tax break is fine. As long as a 55+ generates more tax revenue than the what ever was there prior it is ok as long as no kids can go to the SD.
I agree for the most part PILOTS are garbage and should not be handed out. All buildings that allow school aged children should be paying full rate taxes even affordable units. My mom and aunts place has 20 affordable units, those people pay the same prop taxes and HOA as everyone else. I don't think breaks should be given on materials closing costs etc. I could live w/ that as long as full rate prop taxes are being paid.
There is development in my town its limited equity co op. SD report show 37 kids from there. it pays $0 (that's not a typo) in taxes per year. Has a lifetime exemption. I understand the need for these places, they should be paying school taxes. I would say 50% reduction in taxable value is fair.
I don't disagree, I think in this situation the school tax break is fine. As long as a 55+ generates more tax revenue than the what ever was there prior it is ok as long as no kids can go to the SD.
I agree for the most part PILOTS are garbage and should not be handed out. All buildings that allow school aged children should be paying full rate taxes even affordable units. My mom and aunts place has 20 affordable units, those people pay the same prop taxes and HOA as everyone else. I don't think breaks should be given on materials closing costs etc. I could live w/ that as long as full rate prop taxes are being paid.
There is development in my town its limited equity co op. SD report show 37 kids from there. it pays $0 (that's not a typo) in taxes per year. Has a lifetime exemption. I understand the need for these places, they should be paying school taxes. I would say 50% reduction in taxable value is fair.
I agree with no school taxes for 55+. School taxes are the killer. In my town we have a homeless shelter renting in a church sending a new set of kids every 6 months and then after they leave in 6 months as per NYS law they can still decide to stay on with us and we get to pay the bussing costs to get them to and from school. Meanwhile the church is is basically acting like a landlord in this situation yet pays no taxes. It is insane.
I agree with no school taxes for 55+. School taxes are the killer. In my town we have a homeless shelter renting in a church sending a new set of kids every 6 months and then after they leave in 6 months as per NYS law they can still decide to stay on with us and we get to pay the bussing costs to get them to and from school. Meanwhile the church is is basically acting like a landlord in this situation yet pays no taxes. It is insane.
If you want to go that route of excluding school taxes, you need to place the bar at 65 years. There are plenty of 55 year olds with children in public schools. But then again, the school tax system is almost like an entitlement: everyone pays for it and it's there if you need it.
They take a different approach here in De. There is now a 10 year primary residency requirement, but they take $500 off your property taxes once you hit 65. While that may not seem like much, my entire tax bill was $1647.57 then a $500 discount applied on top of that. All one needs to do is hit 65 and apply after the new 10 year requirment is met.
Not only do they donate to her. Most of the “fair housing” activist orgs are either funded by or litteral shells for developers
Something I have been suspecting for a long time.
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.
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.
