What gets accrued is the amount of tax that is over the amount that is frozen. But, yes, it can add up to a lot should taxes go up a lot and there are many years that the taxes are frozen.
Why don't you and your DH come for a visit to Texas and meet @Latestarter, Miss @Baymule, Miss @Devonviolet, and others. They will show you two around the area, and you can decide for yourself.
That doesn't sound good. If you need to sell to go into assisted living or a convalescent home for the last years of your life and are planning to use the equity in your home to pay for it you could find yourself destitute and in debt after you sell!
I have never heard of that. Our taxes are frozen due to DH being over 65. My mom was 88 when she sold her home and moved in with us. There was no deferred tax bill for her. The taxes went up for the buyer, a 30-something young man. I have never known anyone who had to pay up, neither they or their heirs.
STA not saying that it doesn’t happen, but I have never heard of that.
I will definitely check it out. I know that many counties (they are usually the ones setting the property taxes) and or states have limits or reductions for either disabled, elderly, or military veterans. My DH is a disabled military vet and is over 65. Naturally, California doesn't do this. But California Prop 13 keeps the taxes down until the new owner who then has their taxes fixed depending on the purchase price.
There is some new bill coming out in our next elections about the government setting up "Rental Boards" which sounds like it will set the rental prices if you want to rent out your house. It also sounds like the government will inspect the property and of course there will be fees for all this. I have to look on line and read the proposition. Governments!
Ok, just read the bill. It amounts to a statewide ordinance that can regulate rents. This means that if the owner rents to someone the state will tell him or her how much they can charge, prevent annual raising of rent to cover increased costs, taxes, etc., Charge fees on the owners of rental properties, etc.
Santa Monica and other areas already have rent control laws. The rent control laws have lead to properties not being kept up since the landlord eventually does not get enough rent to offset the costs of utilities repairs, and raising taxes. People wishing to buy rental properties for investment often cannot pay the value of the property since the rents will not support the new taxes and mortgage. People wishing to sell rental properties cannot sell for the value of the property home since you cannot get rid of the tenant without having to pay relocation expenses until the lease ends. Also, the bill contained something about having to pay fees to remove your rental house from the rental rolls if you wanted to live in it yourself or sell it!
Big NO vote from our family! DH wants me to start packing.
However, lots to do to get this place ready to sell for maximum $$$. Very small amount of level yard spaces where we will install artificial turf (looks like real grass but requires no water). Small amount of area where I will plant rose protected from gophers. Need to empty all storage areas (10x20 shed, 2 24' containers, 5 large storage sheds, a large commercial rental storage unit off site, 14 x 30 tool/work shop, the barn loft, and a 12 x 12 barn stall that is being used for storage). All are packed with furniture, paintings, equipment, antiques, memorabilia, and my 5 children's leftoverbelongings. I have tried to give the belongings of my 2 children who have families their own boxes of items back, but since DD has sold her house and is in a rental lots of her stuff is once again back on my property occupying one of the storage containers we purchased for our own use, and one of the smaller storage containers! I already emptied one large off site storage unit and sent everything to charity, and Habitat. (3 stock trailer loads) I am working on emptying the 10 x 20 block building (originally the hayshed and milk shed) and the other large storage container. Lots of that is furniture, some antiques, but I am tired of refinishing furniture (one of my hobbies) since I am running out of house room for it. Also, a close friend plans to sell a lot of his deceased wife's antiques so if I want already refinished pieces, I can get them from him. I have not gone to see these pieces since I am afraid I might want to acquire some of them! Don't dare go over although he keeps asking me to! China, crystal, silver, none of which his 2 children want - all of which I have plenty of. Sadly, I am acquisitive by nature and have to fight against it. My uncle who owned lots of lovely homes in different areas where he spent different parts of the seasons, said the all his beautiful belongs were just a millstone around his neck. When I was younger and did not already have so many family possessions, I didn't understand how he could feel that way, now I do. LOL
I also want to take apart our horse corrals since we no longer use them. Then we can grade off the now uneven areas and reinstall the stalls in different configurations with covers for the sheep. The barn also needs to be empties and dug out before the winter lambing season. We need to empty the new storage container of all the stuff that is in it so we can start stocking up on hay before the prices go to winter heights. We will probably buy another one to use or hay, then we can gradually empty the one we are renting and get out from under that cost. We also have to empty the other rental storage unit so we don't have to pay for that one. We had bought the last storage container to do just that but my DD and SOL got in there first with "just a few things" when they moved. I am torn between wanting them to find a nice large house so they can get their stuff and my stuff they want me to keep for them and hoping that they can't find a house and will consider Texas.
DH and I were discussing the possibility of letting DD and SIL rent our house and moving to Texas anyway. That way we would not have to worry about selling house and would have time to fix up new place. Much of their stuff is already at our house anyway! LOL
Timeline - 1 or 2 years depending on what we see in Texas next spring or summer. Got to go and get to work!
Yeah, that's a surprise to me as well... I wasn't aware that taxes accrued. They don't here in TX, at least not in my county. I was under the impression they were simply frozen at that level until death/sale of the property. The new owner would have the property taxes re-established at current rates for their situation.
Having been active military for a career, I moved many times. Each time I was amazed at the amassed... And each time I unloaded and promised myself "never again!" For the most part, aside from tools I've acquired to run this and my previous place, since retiring, I've done pretty well. I STILL have stuff that I'm holding for the kids when I'm gone, but I loath "collecting" stuff for the sake of collecting it. If I don't have a use for it, no thanks!
With the way CA is going govt wise, I'd try for sooner rather than later... Just me. I HATE the govt telling what I can and can't do with my own personal belongings... rent schedules set by govt... a VERY bad idea! Would love to have you folks here in our area! There are a lot of really nice places and close to "civilization" while still being private and removed from the hustle and bustle. I couldn't live too close to/in/around the DFW metroplex... way too much traffic, higher costs, etc. But I can reach it quite easily in about 2 hours if I want to. For all intents and purposes, I'm out in the middle of nowhere, yet within 6 miles of the center of town and can be there in 15 minutes. Aside from lacking high speed internet/TV via cable, that's about the only downside. I have to have TV and internet via satellite, which is slower, more restrictive, more costly. But since I don't stream videos (normally) or movies and no longer do online gaming, it works for me.
We have satellite here instead of cable since the high winds we get can knock out the cable. Everything can be dealt with. I read a lot. And of course, lay a lot of bridge. DH just found out that with 2 computers (his desktop and my laptop) we can play partners on line bridge too.
Hurray! The catamaran sailboat that a "friend' asked us to keep for "a couple weeks" until he could get it to his daughter's lake place finally was towed away today! It has been here for 12 years uncovered. The sails and trailer tires had rotted away and it has been sitting in the field. Although we have consistently asked him to remove it he kept putting us off. Since it was in the field, we kept getting busy and not pushing the issue. We were just talking about hauling it over and dropping it in front of his house when we heard that he had died! I sent the widow a sympathy card, then waited a month before asking her to remove it. We had mentioned it to her several times over the years and she kept telling us that it was her husband's problem. Since he is dead now, it has become her problem. She was rather testy about me asking her to remove it when she and a friend came over to look at it. Then her friend opened the locker and the last registration was from 2002! It has been here for at least 12 years. The friend had to go get 2 new tires and a rim, then came back and forth several times to fit them on. Finally, even though DH had told them repeatedly that it took a 1 7/8" ball they tried to tow it away with 2" ball and had to go away again to get the correct ball.
Each time they came over (5 times) we had to kennel the dogs and I was nervous about having the sheep out on the field and in the gully without protection. Especially since they would come over, spend about 20 minutes, leave, then several hours or a day later come back again, necessitating locking the dogs up each time. Rika was getting a trifle annoyed at having to be removed from guardian duties and locked up. She is usually pretty good with people but I don't like to take chances and I don't know these people. Bubba has to be locked up since I don't trust him around strangers. So many people think that just because an Anatolian isn't growling or snarling in the kennel that they are friendly to strangers. One of them went to the kennel to pet the dogs and when I told him not to get too close told me it was ok that all dogs liked him. That was before Bubba lifted his lip and growled low. Oh well, no good deed goes unpunished and it is gone. Now I just have to convince DH that the 53 year old Glaspar ski boat that belonged to Daddy should be junked. DH spent $5000 redoing everything on it 15 years ago and then it sat in the field since we don't boat much. It has deteriorated completely but according to DH "It is a classic". . . . Lots of memories from when we used to boat and ski all weekend. We have the space so it might as well sit there until it falls completely apart. DH still keeps it registered and licensed. Even if we could use it the engine takes 2 cycle gas and oil mix which can't be used on most lakes here anymore.
I already got rid of tons of stuff and am getting rid of tons more. I am not interested in spinning any more, and have about 50 lbs of processed Dorset wool that I want to give away. It equates to 5 huge plastic bins of wool. Any BYH people that want it, let me know! I already gave away yards and yards of good cotton quilt prints - in 5 yard lengths - that I bought to make square dance prairie skirts before my ankles gave out and we had to stop dancing. I donated it to the senior center quilting group. Come to think of it I have 4 large plastic bins of square dance skirts, blouses and petticoats in the loft that I should get down and donate to the square dance club members. I have 30 glass centerpiece vases and 100 tealight holders that I bought for my daughter's wedding that I have loaned out many times over the past 12 years. Still have 2 more kids to marry off but I will donate them anyway. Tons of picture frames, some lamps, decorative baskets, you name it I have it. I could open a store but sadly because of the location of my house I can't have a garage sale! No through traffic and no parking anywhere. I could post on Craigslist I suppose. I really don't have to worry about strangers finding out where I live since we are completely fenced in with our 2 large Anatolians. Someone is always home and Bubba really doesn't like strangers. LOL
I took all the toddler toys to Good Will and am trying to get rid of larger items like Little Tyke picnic table etc. Still have to go through the shed and get rid of the strollers, crib, portacrib, etc. Lots of saddles, pads, horse tack, summer and winter blankets, etc. Even some calf show sticks, pig show sticks, rabbit equipment, portable milking stanchion, 3 sets of electric show clippers and dozens of blades, etc. Some stuff we will need in Texas on our new place and some I need to give to grandchildren when they get into 4-H (DS3's boys, ages 7 and 4). If DD moves to Texas with her kids, they will join 4-h since she wants them to be in it but no more here in our area. I also have electric fencing supplies and solar charger in the shed as well as a bunch of electric fencing parts still in the shed at my aunt's house in Yelm. Corral panels, shelters, feeders, dog kennel panels, etc. will come with us to Texas (rent a big U-Haul truck). Actually, the metal shipping containers we own can be sent to Texas filled with our equipment and belongings.
So, first we visit east Texas next spring, check out places for sale, pick up our puppy and meet our friends. Then we buy a place with a good well, electric, and hopefully with outbuildings. If no large barn, we will build one first thing since we can live in our 5th wheel. Guardian dog proof fencing and livestock enclosures before the house. We can renovate, rebuild, and remodel a house but the livestock needs to come first.