Thankfully the city as provided some interim tax relief for seniors at the poverty level (SP May 10/12..) Given the shortage of affordable housing for low-income seniors, being able to defer some property taxes means they can remain in their homes and will be able to provide themselves the other necessities of life. But I hope part of this plan does not include an 18% interest rate which attaches to late payment of taxes. Although interest has to be charged I would it expect it to be the same rate the City pays to its lenders.
I've heard the argument against this program, that being that an individual or couple is occupying an affordable home too large for their needs at a time when young families are searching for affordable homes. But our seniors have spent their lives paying for their homes and it is their comfort zone. It keeps them vibrant and active.
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Too bad this is being paid for by you and me and not by the people using the program. There is no interest being charged. It's being funded by a levy on everyone.
ReplyDeleteSo the rest of us get to eat the cost of the time-value of money.
Must be nice to be able to get an interest free loan that could last for several decades.
Like Dr.Phil says "either you get it or you don't". Our lard ass bufoon of a Mayor went to Calgary on a missinformation campaign in 2005/2006.Housing prices doubled in 16 mos."Saskaboom",these seniors,(many in my block),had purchased these houses as their retirement home. Many had kids going into university or becoming married.The intent was to have room to entertain or accomodate future extended family,i.e. grandkids, in-laws.In my honest opinion, seniors should have tax burdens, such as education taxes reduced by a certain % each year after say 67.The value of having these pioneers in my community does not have a price. People,be careful what you wish for. Shame on you 1:07
Delete@May 11, 2012 1:07 AM
ReplyDeleteIts the price we pay for living in a society that cares about its people. Someday you may be in that situation. Just hope somebody gives a shit then.
I'm guessing your not a long time resident of Saskatoon as most people here care about each other.
The city is doing a great and honorable job on this.
Your guess is wrong. I was born here.
DeleteWhy don't we just give everybody a subsidy I mean "deferral" then?
Better yet, why don't we just cut property taxes by 20% for everybody? Then no subsidy I mean "deferral" would be necessary.
There are under 700 households eligible for the program presently and it only applies to the yearly property tax increase amount, not the entire bill. Additionally, individuals must apply for the program every year.
ReplyDeleteI think it's a good program with good intentions that will keep some seniors in their homes where they want to be a little bit longer.
If the "tipping point" for staying in your house is this meager subsidy then you really can't afford your house anymore. Time to sell, take your tax free capital gain and downsize or rent.
DeleteI really don't have a problem with some type of deferral program. But it should be charging enough interest to cover the cost/TVM. Like every other property tax deferral program in North America that I am aware of.
This is a deferral program in name only. It's really just a subsidy. Why not just call a spade a spade?