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I thought things are capped in California, that Under Proposition 13, the annual real estate tax on a parcel of property is limited to 1% of its assessed value.
by stevenjgarner 4y ago
I thought things are capped in California, that Under Proposition 13, the annual real estate tax on a parcel of property is limited to 1% of its assessed value. This "assessed value" may be increased only by a maximum of 2% per year until, and unless, the property has a change of ownership? No such joy in Texas (yet).
- pyuser583 4y agoThat’s probably one of the reasons real estate prices are so high.
- cwalv 4y agoIt's definitely One of the reasons. I've compared some real estate prices in some low-cost areas to relatively high-cost areas, and found that once factoring in property tax, the actual cost was close to the same.
- pyuser583 4y agoI was comparing buying real estate in a high end part of Chicago with San Francisco. The places cost the same per month. But in SF, almost all of that was going to the premium/interest. In Chicago, a massive amount was going to taxes and HOAs.