3 ms·
That’s a regressive tax. Most of the fixed income people living in my neighborhood would be driven out of California if we charged them the current market rate
by pokstad 5y ago
That’s a regressive tax. Most of the fixed income people living in my neighborhood would be driven out of California if we charged them the current market rate for property taxes.
- r00fus 5y agoCorporations benefit hugely form prop13 for commercial property [1]. The current dominant left-wing pragmatic approach is to remove prop13 for corps, and leave it in place for residential properties. [1] Corporate approach to keeping 1970s tax rate on large land lots: a) the property should be owned by a specific corp. b) corp has board of directors controlled by original owner c) deal made to sell the land d) new owner slowly replaces the BoDs as to not trigger a "corporate change". e) new BoD is fully controlled by new owner and corp now sold (with land assets). Due to prop13, that land is still taxed at original ownership rates.