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I think one gigantic Venn diagram would have been more appropriate. (Kidding).

I think allowing some deferral on property taxes is worth exploring. So long as it will be captured when the homeowner sells the house or dies, I think it's a reasonable investment in helping out senior citizens. I agree that it shouldn't be available to wealthy senior citizens, but you could simply means test it. Most of the city's tax incentives cap out at a certain income (one that is typically pretty low).

We already kind of do this through the homestead status and by putting a cap on annual increases in the assessment. But I'm personally not opposed to exploring whether further measures could be enacted to limit the property tax increases for senior citizens who have been in their homes for a long time.

Again, so long as the increases accrue in a separate account that then comes due before the property can be transferred. That's a fair trade off I think.

by TM on Feb 14, 2013 1:17 pm • linkreport

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