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Originally Posted by Weirs guy
Here's an idea for those that believe its unfair to burden people with higher property taxes on homes that have been handed down for generations.
Lets say that when mom and dad leave you the lake house, you assume the property at its currently assessed value ($100,000 for the sake of argument). That assessed value remains unchanged for the entire time you own that property, thus eliminating any major escalations in property tax that you may or may not be able to afford. Then when you either sell the home or hand it down again, you "sell" the house for its current market value ($1M for arguments sake again), you pocked your original investment ($100,000) and the remainder goes to the state to make up for past tax bills.
Sound fair now?
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Wouldn't that be a great idea, would give people something to think about since they always want the best of both world, low taxes while there alive and the value of the property when they die.