6 ms·

Prop 13?

• jeffbee 3y ago
  Prop. 13 is not unique. Michigan, Oregon, Massachusetts, and New York (ex. NYC) all have very similar limits on the rates of change of property taxes.
  • deleted 3y ago
    [deleted]
  • AnimalMuppet 3y ago
    OK, that's four states. But you said "I believe the other states are only slightly behind California in terms of housing crisis phase." That sounds like all the states, or at least most of them. And I'm pretty sure that's not true.
    • 0_____0 3y ago
      I live in Mass and while Prop 2½ does exist it isn't universal. Property tax in my municipality is based on current assessment, and the assessment is updated yearly.
• gerad 3y ago
  Your property tax is tied to the property value at purchase rather than reassessed over time. This, coupled with the enormous growth of CA property prices over the last 70 years, results in existing land owners paying way less taxes than their neighbors. Like 10x less tax is not uncommon. This creates a ton of really perverse incentives - but an overwhelming one to buy and hold rather than sell or move. So it limits California housing stock.