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It's even worse than that. In California, Prop 13 has de-coupled property taxes from market value altogether, essentially subsidizing landlords in perpetuity:
by danhak 10y ago
It's even worse than that. In California, Prop 13 has de-coupled property taxes from market value altogether, essentially subsidizing landlords in perpetuity: https://en.wikipedia.org/wiki/California_Proposition_13_(1978) https://en.wikipedia.org/wiki/California_Proposition_13_(197...
- dragonwriter 10y ago> In California, Prop 13 has de-coupled property taxes from market value altogether Incorrect; there are limits to annual increases in tax basis value outside of qualifying events (changes of ownership, new construction on property, etc.), but tax basis isn't divorced from market value altogether.
- wrong_variable 10y ago>The proposition decreased property taxes by assessing property values at their 1975 value and restricted annual increases of assessed value of real property to an inflation factor, not to exceed 2% per year. Sounds pretty insane.
- clock_tower 10y agoThis is why you don't really want to live under a democracy (always assuming you can find a non-democracy that respects human rights). California's government-by-referendum has made it impossibly dysfunctional, because the populace consistently votes for two types of referendum: "spend money on things I like" and "don't raise my taxes."
- seanp2k2 10y agoYeah, it's hard to argue that 20% yearly increases in SF rent are fine while property owners get limited to 2% .