For those outside of CA: Prop 13's text says the following: * require that properties be taxed at no more than 1 percent of their full cash value shown on the

For those outside of CA: Prop 13's text says the following: * require that properties be taxed at no more than 1 percent of their full cash value shown on the 1975-1976 assessment rolls and limit annual increases of assessed (taxable) value to the inflation rate or 2 percent, whichever was less. (this was the text of the prop in 1978) * upon the transfer of properties, allow them to be reassessed at one percent of their sale price and reset the limit on annual increases of assessed value. * prohibit the state legislature from enacting new taxes on the value or sale of properties. * require a two-thirds vote of the state legislature to increase non-property taxes. * require local governments to refer special taxes to the ballot and require a two-thirds vote of electors. * make the state government responsible for distributing property tax revenue among local governments. Meaning that if you bought your house in 1975 for the median price of $24,300, you'd pay 243 dollars. Now, the next year (ignoring inflation, because I can't get a good source for that), you'd pay 1.02X of that, so $247.86 in property tax (Tell me if I am wrong here!). In 2024, if you carry it all out, you'd be paying $641.23 in property tax. Now, look at the median home price in California in 2024. Its $860,300. That growth rate between 1975 and 2024 is, on average, about 8.1% for the median home (again, tell me if I'm wrong here). If you bought the median home in 2024, you's then pay $8,630 in property tax. So, if you've lived in your home since 1975, 1) good for you! Keep up whatever you're doing health-wise and 2) you're paying $7961.77 less than your next door neighbor that just bought the house. They are paying ~13.4X in taxes than you are. Not 13.4% more, but 1,340% more. This issue has come up with my parents. They've lived in the house since 1978. Nice little place. Dad got it for ~70k and they pay about 650 for taxes these days. Mortgage was paid off years ago. The house next door has gone through about owners in about seven years. It's always young couples with maybe one kid and usually one more on the way. The houses go for about 1.1M now. So, they are paying about 11k in taxes. Then the mortgage comes along. Lets use a mortgage rate of 5% and assume they managed to get 20% down for the sake of argument here (it varies a lot, I know). Their mortgage is 57k a year, so with taxes about 68k a year, round it to a nice 70k a year with garbage and water and whatnot. Or about 5,800 a month. Versus my folks who are at about $200 a month. About a 29X difference. (I know I screwed up something here, sorry). The very second there is any kind of wobble in their finances, these couples have to sell. There is no room for error with these young people. An accident, a plumbing problem, any kind of health issue. Boom, done. My folks try to help out as they can, they baby sit sometimes, my Dad does a lot of free labor and lends out his tools, helps buy sod and supplies when he can, they cook for these couples too. The neighborhood tries to help the young folks out. But at nearly a 6k/mo drain, guys, there's not much you can really do. Fortunately the house only ever goes up in price, so when they do move out to live with family again they aren't underwater. But that just sets up the next young couple for another disaster too. It's honestly tragic.