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*with 1975 property tax locked in thanks to prop 13
by 0x00000000 9y ago
*with 1975 property tax locked in thanks to prop 13
- Overtonwindow 9y agoIs that accurate? Property taxes can change
- jurassic 9y agoProperty taxes are locked to the purchase price of the home in California because of a law called Proposition 13. It's a been major contributor to the housing crisis but is extremely popular with everyone who currently owns property. It lets owners benefit from appreciation of their property without any increase in their tax liability while newer (and often younger) buyers must pay taxes based on the current absurd home prices.
- wl78393 9y agoYes, with rare exceptions Prop 13 means you get your property tax assessment locked in when you purchase. The major way to trigger re-assessment is to pull a permit for construction/improvements, which is why unpermitted remodels/additions are so rampant in California.
- deleted 9y ago[deleted]
- briandear 9y agoThat is so true and one of the major reasons SV real estate is such a tight market. Those tax rate freezes essentially eliminate a good portion of liquidity normally present in a market.