The ugly tax battle brewing between baby boomers and millennials
A growing generational divide is emerging in the U.S. over property tax policies, particularly in states like Texas. Younger homeowners are increasingly concerned that tax exemptions for older residents are shifting the fiscal burden onto them.
Why it matters
This conflict illustrates the broader economic strain between baby boomers and millennials regarding housing affordability and municipal funding.
Getty Images; Tyler Le/BI Taylor Scriber, a millennial living in Texas , is trying to join the growing ranks of his generation and buy his first home. He's been scouring listings with his real estate agent, taking a few tours to see what suits him best, and estimating his potential costs, including property taxes . The final piece of that homeowning puzzle has been stuck in Scriber's craw lately. After reading recent headlines about property taxes in the Lone Star state being slashed for older residents and those with disabilities, he started to feel that he may end up shouldering the fiscal burden through his own payments with resulting rate hikes — and costing out worst case scenarios for what the cost of his future home might realistically look like, since so many homes have those abatements.
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