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I hope people get what they wish for. Because they'll just undervalue the RE prices, then still pay reasonable taxes. Then property will be so cheap, they'll acquire even more of the available stock. While being perfectly free and clear to send rent soaring through the roof.
Anyone worrying about what the other guy makes, and not enough about how to make their own way. Is destined to continue handing that guy over all of their money.
Quite frankly if they just got rid of prop 13, housing would crash down to texas like levels and everyone would win.
the objection to prop13 is typically from folks that "recently" purchased
there's a simple solution, revoke prop 13 for everybody but lower property taxes for everybody proportionally and enact a moratorium on raising them.
there's a simple solution, revoke prop 13 for everybody but lower property taxes for everybody proportionally and enact a moratorium on raising them.
Anyone worrying about what the other guy makes, and not enough about how to make their own way. Is destined to continue handing that guy over all of their money.
there's a simple solution, revoke prop 13 for everybody but lower property taxes for everybody proportionally and enact a moratorium on raising them.
Yes! 100x yes. Put out a proposition where we cancel Prop 13 AND then cap the total collection of property taxes at 2% increases. Everyone gets "fairly" assessed (let the complaining begin!) and the % amount you are taxed is set low enough so that the total amount collected state-wide meets the target. New buyers will see their % dropped from 1% down to 0.4% and the ancients (and super-rich people who inherit stuff for free) will see their 0.05% rate increase to 0.4%. Maybe this could happen over a 10 year period.
SunnyvaleCA saysYes! 100x yes. Put out a proposition where we cancel Prop 13 AND then cap the total collection of property taxes at 2% increases. Everyone gets "fairly" assessed (let the complaining begin!) and the % amount you are taxed is set low enough so that the total amount collected state-wide meets the target. New buyers will see their % dropped from 1% down to 0.4% and the ancients (and super-rich people who inherit stuff for free) will see their 0.05% rate increase to 0.4%. Maybe this could happen over a 10 year period.
So are you saying a reset to a new basis for everyone, or on the property itself "one time"? And then instead of 1% a year you do 2% a year? And when the market goes up 10% per year for a house and someone buys, they will be paying much more in taxes for the same house? Not following... Or will the "assessed value" no matter who owns it never go up more than 2...
Only reason prop 13 is alive is because there is money protecting it. As long as businesses are protected by it same as residential, they'll spend money fighting to keep it. Once they are split off, they won't have any incentive to protect residential properties.
Quite frankly if they just got rid of prop 13, housing would crash down to texas like levels and everyone would win.
So are you saying a reset to a new basis for everyone, or on the property itself "one time"? And then instead of 1% a year you do 2% a year? And when the market goes up 10%
only works if the real estate market reverts closer to a 2% pricing gain in the long run
revenue from the 1 percent property tax rate has grown at an average annual rate of 7.3 percent.”
How is that possible?
krc saysbasic jealousy
Yes, yes, I know: F*ck Off, I got mine. Screw your ass. You're just jealous.
Thanks to Mr. Mark Zuckerberg for the initiate.
1978 Prop 13 = Go and rob all your neighbors legally through the government by "accusing" the government to keep robbing.
Look at your neighbors taxes:
https://www.officialdata.org/ca-property-tax/
In this rare instance Mark Fuckerberg is right, prop 13 has been a huge disaster gutting public funding for California. The entire thing should be repealed, all of it. Having to move away isn't the worst thing that can happen, haha it might be the best.
They should imo limit number f times property taxes can be inherited.If you mean limit it to 0, then sure! A single inheritance would push the "fix" off for an additional 30 years. California will simply not last long enough to see that happen.
Thanks to Mr. Mark Zuckerberg for the initiateI've got a much better way that The Zuck could help: stock should be marked to market yearly and taxed on the paper gains (with some holdback in case of a subsequent stock slump). Plus, income taxes should be paid on any money going to a foundation (slush fund) or other tax-avoidance scheme.
Commercial property should not be exempt from property tax increases because businesses can live forever, never resetting their tax basis.
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I agree with Zuckerberg on this one.
Commercial property should not be exempt from property tax increases because businesses can live forever, never resetting their tax basis.