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> Around me in SF an entry level home at $1M would have a tax bill of $10,000. But it’s locked forever. Property tax in CA goes up 2% every year. So, year 0:
by jjav 8y ago
> Around me in SF an entry level home at $1M would have a tax bill of $10,000. But it’s locked forever.
Property tax in CA goes up 2% every year. So,
year 0: $10,000
year 1: $10,200
year 2: $10,404
And so on... maybe it doesn't go up as fast as you'd like (until you own a place) but it is by no means locked in.
- Dylan16807 8y agoThat's less than inflation! It doesn't count as going up. (It will peak over inflation in some years, but it's still effectively a freeze. Even a modest property appreciation like 50% will stay out of reach of an annual 2%-minus-inflation effectively forever.)