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Boomers wanting to downsize face huge tax bills
(www.cnn.com)
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this post was submitted on 30 Jan 2024
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I think this article misses one of the big downsides to downsizing in California (where this article is focused): property tax. In California, property tax is basically based on purchase price. This means even if an owner can make a healthy profit moving to a smaller home, that profit might be gone in 10 years due to the increased property taxes. Even if seniors are interested in downsizing, it might be financially detrimental to do so, and they stay in place, which constrains the supply of "family homes", making them more expensive and basically adds to the housing crisis.