2 ms·
> In major cities, where most people rent, this means property owners have their taxes go up very unpredictably. Interesting. I've heard about the predictable
by HillaryBriss 10y ago
> In major cities, where most people rent, this means property owners have their taxes go up very unpredictably.
Interesting. I've heard about the predictable 2% YOY residential property tax increases allowed by Prop 13 (in Los Angeles), but I haven't heard about people experiencing significantly larger, unpredictable property tax hikes.
I'm curious about the very unpredictable property tax hikes you're describing. How big have these been? Are these on apartment buildings or other commercial properties?
- Kalium 10y agoProp 13 limits direct property taxes, but voter-approved direct assessments aren't limited. Depending on how votes go in Oakland and Alameda County next week, assessments might go up anywhere from $0 to $600+/yr on a single family home. I cited places where most people rent because it's easier for renters to think of property taxes as taxes that get paid by people who aren't them and it's always easier to vote for taxing someone else. Some of them are property value percentages. Some of them are flat parcel taxes. The two fall differently on multi-family and single-family buildings. I believe commercial property is generally not exempt. I'm not aware of any tax hikes that large in recent history, but sometimes the re-assessment at sale from Prop 13 can cause jumps bigger than that.