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Maybe the same good solutions could apply to both unrealized gains and prop 13. Cite the asset as an illiquid, fully-contained asset, have the taxes accumulate
by lostdog 4y ago
Maybe the same good solutions could apply to both unrealized gains and prop 13.
Cite the asset as an illiquid, fully-contained asset, have the taxes accumulate as a debt against the asset, and then owe all the taxes at sale time.
- sahila 4y agoThat in my opinion would be a horrible idea for property taxes which are an important part of local and state taxes. According to this source[0] property taxes make up more than 30% of a state’s revenue, so having reliable constant revenue streams would be gone if it happened on sale. I think there’s other issues too like how property taxes accumulate and can surpass the value of the home in which case you do what? 0: https://taxfoundation.org/state-property-taxes-reliance-2021/ https://taxfoundation.org/state-property-taxes-reliance-2021...