3 ms·
Resale just resets to the current value, but then freezes it again. Cities have to plan for the value in perpetuity, which means it's at valuation at year zero,
by jpollock 7y ago
Resale just resets to the current value, but then freezes it again. Cities have to plan for the value in perpetuity, which means it's at valuation at year zero, and then negative from then on.
Which means the house is taxed appropriately 1 year in 13. The rest of the time? The city's underwater.
https://www.valuepenguin.com/how-long-homeowners-stay-in-their-homes https://www.valuepenguin.com/how-long-homeowners-stay-in-the...
- omgwtfbyobbq 7y agoIt doesn't freeze it again. The assessed value, and annual tax, still increases, albeit at a max of 2% per year, which does lag inflation over time. The biggest limitation of prop 13 is that it caps the tax rate at 1%.