It is getting very hard to survive on social security with property taxes.

friar

friar

New Member
for the 20 or so years I have lived in my tiny home here in Indiana, the assessments have been roughly about the same with an increase on land or a reduction on the buildings or in some cases the reverse. I have never seen this before. They have just evaluated my modest 65k home for 93k. Let's say I need a new roof and a fence that is dry rot. I may lose my home because some bureaucrat assessor just decided this on a whim. Yes I am going to appeal but I don't have high hopes. Like most of you I have other concerns like the price of food and medicine co pays. Not the retirement I had envisioned so long ago.
 

I appealed mine a few years ago as they seem to have just a higher and high mentality.
I have a modest older home they were using new home as market comparison not even close. I won my appeal and saved that year and this as it still has not gone up to what they had it artificially when I appealed it.
it can be a hassle but when you appeal, the assessors office often makes a offer of adjustment similar to a prosecutor over charging someone hoping to get a basic plea deal. it is worth the time in my opinion.
 
It’s the same with owning and with renting in this area.

My rent jumped 62% last year but it’s still below market rate for similar apartments in this area.

I’ve been retired for 20 years and the natural inflation has reduced my purchasing power.

Is the new assessment in line with what you would ask for the home if you decided to sell? 🤔

It may be time to begin looking at other housing options.

I would encourage you to start looking at the qualifications for a subsidized senior apartment while you still have a bit of time to make a change.

Good luck!
 

My co-op fees, always quite modest, have been suddenly jumping. Of course, the buildings are old now, 72 years, so there is always fixing to do so we don't fall apart. Elevators, brick work, you name it. I am getting a wee bit fearful, but so far am okay.
 
friar said:
for the 20 or so years I have lived in my tiny home here in Indiana, the assessments have been roughly about the same with an increase on land or a reduction on the buildings or in some cases the reverse. I have never seen this before. They have just evaluated my modest 65k home for 93k. Let's say I need a new roof and a fence that is dry rot. I may lose my home because some bureaucrat assessor just decided this on a whim. Yes I am going to appeal but I don't have high hopes. Like most of you I have other concerns like the price of food and medicine co pays. Not the retirement I had envisioned so long ago.
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You may want to look at the house costs one at a time. Roof and fence have nothing to do with property taxes.

Your evaluation is probably based on average sales in the area. What was the increase over the last five years? What senior perks does Indiana and your city/county offer? What reason does your specific property have to not have increased the value? Come up with some good ideas! Retirement is not one!

Follow the appeal step by step. No temper, no senior, no moment. This is not another concern but a big one. Please get it done right.
 
Aunt Bea said:
It’s the same with owning and with renting in this area.

My rent jumped 62% last year but it’s still below market rate for similar apartments in this area.

I’ve been retired for 20 years and the natural inflation has reduced my purchasing power.

Is the new assessment in line with what you would ask for the home if you decided to sell? 🤔

It may be time to begin looking at other housing options.

I would encourage you to start looking at the qualifications for a subsidized senior apartment while you still have a bit of time to make a change.

Good luck!
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Is a 62% rent increase even legal?!! Here's the scoop on rent increases here in N.J.:
No, the state of New Jersey does not provide a limit to rent increases. However the local municipalities do and the rent increase limits can range anywhere between 2 - 6% per year. Many cities in New Jersey follows the Consumer Price Index (CPI) to set that range. Here is some guidance around NJ Cities and rent control limits.
 
OneEyedDiva said:
Is a 62% rent increase even legal?!! Here's the scoop on rent increases here in N.J.:
No, the state of New Jersey does not provide a limit to rent increases. However the local municipalities do and the rent increase limits can range anywhere between 2 - 6% per year. Many cities in New Jersey follows the Consumer Price Index (CPI) to set that range. Here is some guidance around NJ Cities and rent control limits.
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No limits where I live and I believe that’s the way that it should be.

People that purchase property take on risks in an effort to make money just like the rest of us do when we make investments.

The market will ultimately decide what a fair rent should be and that is a totally separate issue from our income or what we can afford.
 
Aunt Bea said:
No limits where I live and I believe that’s the way that it should be.

People that purchase property take on risks in an effort to make money just like the rest of us do when we make investments.

The market will ultimately decide what a fair rent should be and that is a totally separate issue from our income or what we can afford.
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I see your point Aunt Bea. Well, at least you said your rent is still below what the fair market value is in your area. Hopefully you won't find yourself priced out in the future.
 
OneEyedDiva said:
Is a 62% rent increase even legal?!! Here's the scoop on rent increases here in N.J.:
No, the state of New Jersey does not provide a limit to rent increases. However the local municipalities do and the rent increase limits can range anywhere between 2 - 6% per year. Many cities in New Jersey follows the Consumer Price Index (CPI) to set that range. Here is some guidance around NJ Cities and rent control limits.
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Same in my community. Rents can only go up a small percentage of the average rents. Our rents still average below $900 in this community. I'm staying in my apartment.
 
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Just before covid I was considering and even approved to purchase a condo down the street. After much research I changed my mind and glad I did. Property taxes and other things shot up and I'm seeing U-Hauls there every weekend.
 
friar said:
for the 20 or so years I have lived in my tiny home here in Indiana, the assessments have been roughly about the same with an increase on land or a reduction on the buildings or in some cases the reverse. I have never seen this before. They have just evaluated my modest 65k home for 93k. Let's say I need a new roof and a fence that is dry rot. I may lose my home because some bureaucrat assessor just decided this on a whim. Yes I am going to appeal but I don't have high hopes. Like most of you I have other concerns like the price of food and medicine co pays. Not the retirement I had envisioned so long ago.
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In Texas (and I thought Indiana) property taxes are frozen on a homestead for owners at age 65, meaning your property tax liability should be the same year after year after age 65, unless you make noticeable improvements like adding a garage, room onto the house, etc. onto your property. Some or all of those changes will likely increase your tax bill.

A new roof is maintenance and does not increase an assessment. I have not made changes to my home, other than normal maintenance, but my assessment is raised every year because property values for my area are increasing. Nevertheless, my tax liability has remained the same.

I have not appealed a tax appraisal, as I cannot think of how that would benefit me, and it could work against my heirs, who would do better at getting top dollar for the house if the appraised value was higher, not lower. Many if not all buyers look at the appraised value when making offers.
 
DebraMae said:
Oklahoma property taxes on homesteads freeze at 65 also, but you have to apply. It is not automatic. They will stay at that rate unless you make the type of improvements @MACKTEXAS listed. If you do make a major addition or improvement you are required to notify the tax office. If you do not you can lose your homestead senior freeze.
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Debra to the best of my knowledge that is income based in Canadian County where we are and at 80k household.

SO just checked max combined per address 89.095.
 
Had to move because of rising property taxes. Lived in an unrenovated house with gas kitchen appliance from the late 1950s/early60s-awsome. But a reassessment raised value by about 90k. Was already paying $5,500 for school taxes alone and another 3k for services and a county tax just under 1K.

I got out just in time. County raised taxes over 25%. They froze rates during covid said they had to make up for lost time-pffftttt. School district wanted another 5% and the town now instituted a personal income tax. Yet service quality and schools have been in decline.

Values are frequently done by companies who feed the real estate industry information.Communities love high property values, more to tax and others can sell higher just based on average price.
 
WhatInThe said:
Had to move because of rising property taxes. Lived in an unrenovated house with gas kitchen appliance from the late 1950s/early60s-awsome. But a reassessment raised value by about 90k. Was already paying $5,500 for school taxes alone and another 3k for services and a county tax just under 1K.

I got out just in time. County raised taxes over 25%. They froze rates during covid said they had to make up for lost time-pffftttt. School district wanted another 5% and the town now instituted a personal income tax. Yet service quality and schools have been in decline.

Values are frequently done by companies who feed the real estate industry information.Communities love high property values, more to tax and others can sell higher just based on average price.
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Another reason I feel only parents should pay school taxes.
 
Social Security was not originally planned to be a full retirement fund, only a supplemental income source. Accordingly, most all those who try to use it for a full retirement will commonly find it is not enough...
 
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officerripley said:
It'll still be somebody's kids who lived in an area with schools needing taxes.
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Then somebody needs to raise their kids.

At the PCP yesterday - very experienced nurse with two kids 20+ and 19. Just remarried and he went bankrupt the week before. Big bash wedding. They moved into a rental home including her mother and her sisters 5-year old they have custody for. Her 19-year old moved in with the boyfriend. She got her GED last year. Her car just got fixed after Almost a year. He used it to door dash during the storms and it is somewhere on a curb. Their bulldog is a biter.

Now daughter is pregnant and wants to be a social worker to do good things. The whole tribe is on Sooner Care (free medical), free this that and the other. Mom works the here standard Friday until 12:00, has no time to pick up a double shift because they have things to do on the weekends. I do have issues with those eating my taxes.
 
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Twostep said:
Then somebody needs to raise their kids.
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But, as you pointed out, some people don't raise their kids very well, so at school may be the only place where they learn anything worth learning. So it behooves all of us that schools are funded as well as possible.

I know some people think--I've literally heard it said--that the only people who should have kids are those who can afford to send their kids to private school or homeschool with tutors. Welp, then you'd end up with a society full of trust fund, nepo babies, shudder, babies who no way would work or volunteer at a nursing home. So who you gonna have staff those nursing homes? Robots? Uh uh. As I heard one scientist say, "If you think we're anywhere near having the kind of robots that can work in nursing homes, or any kind of nursing, you've got another think coming." In spite of what the techlord/A.I. industry is trying to sell us.
 

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