Maybe it is different for me because I moved every couple years growing up. I have lived in 15 places in my life, and the most recent is a record of over a decade.
Their taxes were grandfathered in because they bought the property at a much lower value, the house was already worth a lot more than they paid for it.
So, the house is now valued at 6x the original value? If they sold it at only 4-5x it would still be a huge win.
They want the house, not the money. Now they’ll be forced to sell to some rich person. Doesn’t sound like a win to me
They wanted a new, two-story house, but with a tax loophole to save money.
Maybe it is different for me because I moved every couple years growing up. I have lived in 15 places in my life, and the most recent is a record of over a decade.
Their taxes were grandfathered in because they bought the property at a much lower value, the house was already worth a lot more than they paid for it.
Completely true, but not a loss.