The Clark Howard Podcast
12.09.24 The Property Tax Problem / The Decision to “Unretire”
Dec 9, 2024
Rising property taxes are putting financial strain on homeowners across the country, with North Dakota's recent tax elimination failure highlighting the issue. The conversation also dives into the trend of 'unretiring,' encouraging a smoother transition to part-time work for many. Listeners are cautioned about the risks of buying rental cars, emphasizing the importance of checking maintenance history. Additionally, advice on gifting vehicles and managing negative equity offers practical tips for navigating personal finance.
32:37
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Quick takeaways
- The rise in property taxes, particularly following increased home values, highlights the inequities faced by long-term homeowners versus new buyers, necessitating structural reform.
- The trend of 'unretiring' reflects a significant shift in retirement planning, as many find financial needs compel them to rejoin the workforce.
Deep dives
Rising Property Taxes and Current Challenges
The increase in property taxes across many states poses a significant burden for homeowners, particularly for those on fixed incomes, such as retirees. This trend has led to distress for residents who may be forced to sell their homes due to rising tax bills. For instance, a notable situation arose in North Dakota, where voters rejected a proposal to eliminate property taxes because they lacked a clear plan for replacing the lost revenue that supports essential services. The discussion highlighted the general sense of inequity that arises from differing property tax assessments for long-term residents compared to new homeowners, necessitating a reevaluation of how property taxes are structured in relation to rising home values.
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