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That's great! I'd image that could alleviate a ton of housing issues and government funding issues in California. Does anyone know the chances of it passing?
by ladberg 7y ago
That's great! I'd image that could alleviate a ton of housing issues and government funding issues in California. Does anyone know the chances of it passing?
- jedberg 7y agoThere's no polling on it yet. I suspect it will be close because there are a lot of very rich people who will lose a lot of money if this passes. Property tax is basically a wealth tax. Most wealthy people don't want their wealth taxed. They'll pay millions to defeat this. I wouldn't be surprised if they made ads that straight up lie and tell people their property tax will go up and some BS about farms.
- sokoloff 7y agoThough a lot of wealth is tied up in property, I see property taxes as more of a consumption tax. I see it as you are consuming the right to exclude others from that property for a year. A fully paid house and a 97% mortgaged house pay the same property tax in most locales. (I also think that tenants rather than landlords are paying “going rate” property taxes, even though landlords are the ones writing the check based on actual rates.)
- nikanj 7y agoZero. So many cases of "poor grandma would lose her house" cases are going to be paraded around, and most of the big money in real estate prefers the status quo too.
- jedberg 7y agoYeah they’ll straight up lie I suspect. This won’t even affect any single family homes.
- onlyrealcuzzo 7y agoYeah, but they'll convince people it's just a matter of time til they overturn the benefits for houses of $10M, and then $5, and then before you know it, even you and poor old Grandma will have to pay! You have to take a stand now!