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California could get rid of their budget issues instantly with a progressive property tax. How about an extra bracket for nonhomesteads starting at values over
by unabridged 10y ago
California could get rid of their budget issues instantly with a progressive property tax. How about an extra bracket for nonhomesteads starting at values over $1M?
- jquery 10y agoHow about we get rid of Prop 13, a not-so-stealth tax on the young.
- CalChris 10y agoThere are many bad things about Prop 13. Indeed I'm straining to think of anything good about it. But the worst is that it applies to commercial property as well.
- bsder 10y ago> But the worst is that it applies to commercial property as well. ding. Got it in one. Normal residential properties transact roughly every 10-15 years with 40-50 years being on the way outside. So, most residential properties aren't too far behind their real value in taxes. Commercial properties never transact; they just add more subleases. We had one property we rented which had 23 layers of sublease to avoid Prop 13.
- nosuchthing 10y agoThat requires an effort to repeal Prop 13 asap.
- Apocryphon 10y agoMaybe the time to begin such an initiative is now. And maybe the tech industry, which has long suffered from the related housing crisis, should back such an initiative.
- DrScump 10y agoThe Legislature is free to pass a Legislative Constitutional Amendment to remove part or all of Prop 13 protections (e.g. for commercial or rental property at least); all it would take is a simple majority of voters to take effect. They can even pick and choose which statewide election to use.