Just do what Texas does and allow deferred property tax payments for when the owner dies or sells.
Why should we be giving tax breaks to people who have seen incredible appreciation of their homes. Those are the last people who should be getting tax breaks.
> Why should we be giving tax breaks to people who have seen incredible appreciation of their homes. Those are the last people who should be getting tax breaks.
It's about not forcing people to move because he area they live in appreciates suddenly. Basically, the same argument as rent control. That an owner gets to cash out some value is cold comfort when their life is uprooted against their will.
The end result is, if the owner chooses, they can continue paying the same property rate until they die or sell. The govt eventually collects the full tax from the equity of the house (or estate).
You solve the issue of people being forced from their homes while at the same time being more equitable in terms of tax burden.
In your grandparents case, they could freeze their property taxes, but when the houses switches ownership, they’d need to pay all the back taxes they avoided with the cap.
Why shouldn’t your grandparents have to pay current property taxes? They just had a windfall increase in property value.