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Not in CA - Prop13 + corporate shell board of director transfers means the tax rate never increases, and after 40+ years, that means a lot of properties essenti
by r00fus 7y ago
Not in CA - Prop13 + corporate shell board of director transfers means the tax rate never increases, and after 40+ years, that means a lot of properties essentially pay a fraction of the taxes they should.
Prop13 has had a LOT of unintended consequences.
- inferiorhuman 7y agoProp13 has had a LOT of unintended consequences. No, those were intended consequences.
- mktmkr 7y agoRight. Howard Jarvis, the face of Prop 13, was a lobbyist for the Apartment Owners' Association. Prop. 13 was for landlords by landlords.
- opportune 7y agoYes, true. But it had a lot of hidden consequences that most actual voters didn't think of. The spirit of the law could be sustainably maintained by closing up applicability to businesses, only letting it apply to primary residences, and reassessing on inheritance
- beamatronic 7y agoI don’t think anyone back then could have imagined property values going from say, 30,000 to 3,000,000. Can you imagine it now? Could we ever reach the $10 million mark for a single family Bay Area home? That’s the kind of leap you’d be asking them to make if you went back 40 years or so.
- inferiorhuman 7y agoI don’t think anyone back then could have imagined property values going from say, 30,000 to 3,000,000. Prop 13 was sold to the voters on a "granny is losing her home because of skyrocketing property taxes" argument. So, yes, I think that a 100x increase in value was predictable. And, yes, I could see $10 million homes becoming the norm within my lifetime.
- DrScump 7y agothe tax rate never increases But assessed values do. My property tax bill is 50% greater now than 17 years ago.
- epistasis 7y agoIn the past 17 years, inflation is about 42%, because we've had ridiculously low inflation. 2% isusually going to be sub-inflationary.