4 ms·
> Boomers all over Silicon Valley are still paying 1976 tax rates on their properties worth $2m+ now Prop 13 limited tax increases to 2% a year, not zero. No o
by ac29 4y ago
> Boomers all over Silicon Valley are still paying 1976 tax rates on their properties worth $2m+ now
Prop 13 limited tax increases to 2% a year, not zero. No one is paying 1976 rates.
- neilparikh 4y agoThey're paying (at most) 2.5x what they paid in 1976 (1.02 ^ (2022-1976)). In the grand scheme of things, that's not far off from 1976 rates, given that many properties have appreciated 10-20x.