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Also bear in mind that due to Prop 13 back in the 1970s, if you sit on your property for decades, your property taxes don't rise quickly. To make up the shortfa
by ttfkam 3y ago
Also bear in mind that due to Prop 13 back in the 1970s, if you sit on your property for decades, your property taxes don't rise quickly. To make up the shortfall, property taxes are raised that only affect new purchases. So not only are new homes far more expensive than they have ever been, incumbent landowners pay a disproportionately lower amount of property taxes. So looking at the average tax percentage as we see in the chart you linked is not a complete economic picture.