Winnipesaukee Forum - View Single Post

Orion · 08-23-2005, 09:11 AM

ITD,
I agree with most of your statements, but the key gripe I have is isolated to your last statement. I AM complaining about increasing net worth!...as have others. If you never intend to sell and just want to create a place to live out your retirement years, with fixed income, then increasing property values are worthless and a real problem.

There should be a means to limit tax growth to cost of living indexes for people over 65 (I'm not). The property would revert back to a market value adjustment on pass-on or sale. Almost everyone that owns property and retires will face this problem. A $500K house today will likely be a $1M house in 10 years and there's nothing you can do about it. You will be a victim of the economy and market pressures. Saying that you can move is a cute "out", but put yourself in a retirees shoes. Is it impossible to live the "On Golden Pond" golden years life today?

08-23-2005, 09:11 AM	#45
Orion Senior Member Join Date: Feb 2003 Location: Cow Island Posts: 914 Thanks: 602 Thanked 193 Times in 91 Posts	Increasing Net Worth? ITD, I agree with most of your statements, but the key gripe I have is isolated to your last statement. I AM complaining about increasing net worth!...as have others. If you never intend to sell and just want to create a place to live out your retirement years, with fixed income, then increasing property values are worthless and a real problem. There should be a means to limit tax growth to cost of living indexes for people over 65 (I'm not). The property would revert back to a market value adjustment on pass-on or sale. Almost everyone that owns property and retires will face this problem. A $500K house today will likely be a $1M house in 10 years and there's nothing you can do about it. You will be a victim of the economy and market pressures. Saying that you can move is a cute "out", but put yourself in a retirees shoes. Is it impossible to live the "On Golden Pond" golden years life today?