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You mean add additional taxes? Presumably they are already taxed. Does SF have homestead property tax exemptions? Where I live property taxes are quite high, u
by matwood 6y ago
You mean add additional taxes? Presumably they are already taxed.
Does SF have homestead property tax exemptions? Where I live property taxes are quite high, unless the property is owner occupied. The second homes and rentals subsidized the taxes of those who live here.
- epistasis 6y agoSF, like all of California, has the worst possible property tax scheme. They passed "homestead" protections but did it for all property tax, not just homesteads. Any property tax, from vacant lot to strip mall to vacation home to industrial plant, can not rise above 2% per year. Meanwhile property values rise 5%-10% per year. The only way for property to get reassessed at market value is to build on it or sell it. This subsidizes speculation. If you own a vacant lot since 1970, and pay an effective tax rate of 0.05%, and building on it raises your taxes to 1%, you're taking a huge risk by deciding to enter the market now. Similarly, that super old 6-unit apartment building from 1930 has a ridiculously low tax basis; upgrading to 20 units hugely increases taxes.
- deleted 6y ago[deleted]