4 ms·
This is already a thing. Santa Cruz (and I think a bunch of places in CA?) have an a rule that lowers the assessed value of your property for tax purposes if it
by abeppu 3y ago
This is already a thing. Santa Cruz (and I think a bunch of places in CA?) have an a rule that lowers the assessed value of your property for tax purposes if it is your primary residence.
However:
- the size of the benefit is small
- my understanding is there is very little effort to confirm these for small owners
https://www.santacruzcountyca.gov/Departments/AssessorsOffice/PrimaryFunctionsandResponsibilities/Exemptions.aspx https://www.santacruzcountyca.gov/Departments/AssessorsOffic...
- toss_me_sc 3y agoIt is $65/year. Compare this to Somerville, MA where it is 35% a year
- gen220 3y agoYep! I'd rather explicitly + differentially tax vs offer a tax credit for homeownership. Providing a revenue vs a debit against revenue. And to your point about the benefit being small, I'd suggest the tax should be fairly punitive. Not enough to make profiting off a rental impossible, but to make it barely beat, idk, inflation. I've even thought about the idea of making it lever-up depending on the cumulative number of months you lease the property for. 12 months = X, 24 months = 2X, 36 months = cap of 3X, where 3X is that magically-painful amount that makes it almost impossible to make a >5% Internal Rate of Return.