To the editor:
I would like to express my personal opinion regarding your editorial of Thursday, Nov. 14 (”Losing the economic war”), please. We have been subscribers to The Salem News for many years and look forward to each edition, every day.
On the subject of real estate taxes and mortgages ... the word mortgage is a French word. “Mort” is death and “gate” is grip ... so in reality, a mortgage is a “death grip.”
One’s achievement in life as a homeowner is to pay off a mortgage so the “golden years” will be enjoyed to their fullest. However, this is NOT true today because of the constant increase in real estate taxes, year after year after year.
In the state of Texas, once homeowners reach the age of 65, their real estate taxes are frozen at that total.
The golden years can then begin, because in all probability, the mortgage has been paid. This policy in Texas has been most successful for two good reasons:
First, with a paid-in-full mortgage (and even if the mortgage is not fully paid), the real estate taxes are frozen, and the elders do not have to sell their homestead because of the constant increase in real estate taxes.
Secondly, individual property owners who are not 65 years of age will be more frugal and careful of their spending habits.
Wouldn’t it be a great idea if such a policy can be worked out here in our state of Massachusetts, so that our elders would not have to sell their homestead because of the constant increase in real estate taxes?
Chris G. Nahatis