3 ms·
The problem is the last transaction might have been decades ago. This leads to some people paying several times as much property tax as their neighbors who own
by twblalock 8y ago
The problem is the last transaction might have been decades ago. This leads to some people paying several times as much property tax as their neighbors who own houses of similar market values, simply because their neighbors bought their homes years earlier. That's not reasonable.
It also means you could sell your home, move across town into a home that costs the same as the one you sold, and your property tax could quadruple. That's not reasonable either.
- sulam 8y agoBoth of those things sound imminently reasonable compared to the alternatives, at least to me. Both of those things are a product of choices that a market-participant made. The alternative pre-Prop 13 was that a non-participant was financially affected by the behavior of their neighbors. In the scale of reasonableness, this is less reasonable than life under Prop 13.
- twblalock 8y agoHomeowners are market participants. They benefit from increased home equity caused by increased market prices. They get to capture that equity when they eventually sell their homes, and in the meantime they get to borrow against it. And the homeowners who rent out their properties get to charge more.
- sulam 8y agoListen, no offense, but you're not going to convince me that it's cool to price people out of the homes they live in simply because they've been in them for 10 years and the market has moved that much. There's an older minority couple that live across the street from us who have been in the neighborhood for over 30 years now. Community like that is part of why we bought here. If my wife and I moving in means suddenly everyone has higher property taxes, I'd have a serious problem with that.
- andromeduck 8y agoWell the solution for that would be to allow the taxes to be deferred in part or in whole in the form of a lien.