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California's property tax system is notoriously terrible and a significant contributor to the housing crisis in that state.
by lmm 2y ago
California's property tax system is notoriously terrible and a significant contributor to the housing crisis in that state.
- danfuzz 2y agoYou're probably thinking of Prop 13, which, no argument. But I don't think the fix is as straightforward as you imply. (TLDR the biggest problems are due to corporate landowners, not families who own a single dwelling.) Also, what jurisdiction are you aware of that takes un-accepted real estate offers into account for tax purposes?
- lmm 2y agoMy background is Ireland, where there's a general requirement to self-assess an accurate value; you're not specifically required to take offers into account but you're not required to ignore them either, it's more of a "you should assess all the information available and come up with an accurate valuation" type law, with the specifics being left to interpretation. https://www.revenue.ie/en/property/local-property-tax/valuing-your-property/sources-for-valuing-your-property.aspx https://www.revenue.ie/en/property/local-property-tax/valuin... has a bit about the process.