“What are the taxes…?” It’s a frequent question from visitors to our model home. If my visitor is in the 55+ age crowd, I can expect this question to arise nearly every time. If you’ve owned your home in Lane County for many years, you know the considerable break you’re getting in property taxes versus today’s new home buyer. The lower tax rate can be $1,000 to $1,500 per year (for a comparably priced home). Does having to pay this higher tax discourage many would-be buyers? You bet it does.
Should it be the primary reason to NOT buy a new home? Before you decide, you should consider this: Do you currently own a 20 year old home? Have you not made energy efficient upgrades? Old windows, less insulation, and an inefficient heating and cooling source easily add $150 to $200 of energy costs to your home each month compared to the new home technology. Combine this with an aging home’s deferred maintenance and you’ve got a sizable pile of costly and time consuming projects ahead. These will offset your tax savings for many years to come.
Of course, your current home deserves and should receive all these upgrades. But, maybe it should be left to the new owner.