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Usually you can bypass the problem by making it a transfer tax thing. When you sell, all your taxes come due through the change in price. For inheritances, you
by scarejunba 8y ago
Usually you can bypass the problem by making it a transfer tax thing. When you sell, all your taxes come due through the change in price.
For inheritances, you re-assess and consider it a sale. If the price went up lots, the kids can pay the tax and keep it, or they can sell the property and pay off the taxes.
- aey 8y agoTransfer tax is totally fine. But governments that try to get between families will end up on the loosing end. What inevitably happens is that the rich get loopholes and the middle class pays. At least in California everyone gets the same deal.
- scarejunba 8y agoIn practice, California's method entrenches wealth.
- aey 8y agoDoes it? Nothing to do with that massive tech industry? Seattle is a socialist paradise I take it? If you can get all the Google engineers to go on strike unless Mountain View agrees to build 50,000 homes, it will be done over night.
- scarejunba 8y agoHonestly don't know what you're on about. Grandfathered-in property taxes definitely entrench wealth more than "everyone pays current rate" or "everyone pays past rate". I'm not trying to explain housing prices here. I'm talking about the innate behaviour of Prop 13.