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Without Prop 13 everyone would have a huge tax bill not only those just buying a house but also those who have owned their house for 30 years. There would no w
by gscott 8y ago
Without Prop 13 everyone would have a huge tax bill not only those just buying a house but also those who have owned their house for 30 years. There would no way way to live in California. To suggest that the Government is going to reset the tax for everyone to a fair and just amount is fantasy.
A 2% increase a year seems fine to me which is the way it is now, inflation.
- DuskStar 8y ago"If there wasn't $thingthatmakesowningpropertycheaper housing would be completely unaffordable!" says the person who doesn't seem to consider that part of the reason prices are so high is that government subsidy they get. As it goes with mortgage deductions and guarantees, so it goes with property tax reductions.
- hedora 8y agoProp 13 is basically a pyramid scheme, and your position on the pyramid depends on when you bought. Repealing it would decrease taxes for young households and/or better fund schools and infrastructure, but it would tax the people that voted for prop 13 off their land. One way to think about it is that there is a finite amount of housing, and the demand is set by salaries. Prop 13 doesn’t change either side of this equation. If you buy today, Prop 13 will lower your property taxes years from now, but it will also drastically increase your mortgage payments. So, it is ultimately a transfer of wealth from government programs to the banking industry.