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1   Patrick   2016 Dec 7, 7:13pm  

Here's the key point:

Some critics, such as economist Christopher Thornberg, say Prop. 13 is “shockingly regressive” because those who have accumulated the most wealth in the form of home equity are taxed the least.

The state report confirmed that “higher-income Californians own more homes and own homes of higher value and, therefore, receive the majority of the total dollars of tax relief provided to homeowners by Proposition 13.”

2   Strategist   2016 Dec 7, 7:16pm  

rando says

Here's the key point:

Some critics, such as economist Christopher Thornberg, say Prop. 13 is “shockingly regressive” because those who have accumulated the most wealth in the form of home equity are taxed the least.

The state report confirmed that “higher-income Californians own more homes and own homes of higher value and, therefore, receive the majority of the total dollars of tax relief provided to homeowners by Proposition 13.”

Those who benefit from Prop 13, also pay the ridiculousy high California income tax. So it's really a wash.

3   missing   2016 Dec 7, 7:34pm  

Strategist says

Those who benefit from Prop 13, also pay the ridiculousy high California income tax.

Not necessarily true, obviously. Also, rich people often pay little or no income taxes.

4   Strategist   2016 Dec 7, 7:39pm  

FP says

Strategist says

Those who benefit from Prop 13, also pay the ridiculousy high California income tax.

Not necessarily true, obviously. Also, rich people often pay little or no income taxes.

The reverse also works true. A lot of the homeowners that benefit from Prop 13 are retired, pay less property tax, and less income tax.

5   missing   2016 Dec 7, 8:06pm  

Strategist says

A lot of the homeowners that benefit from Prop 13 are retired, pay less property tax, and less income tax.

There are other mechanisms to deal with retired people who cannot pay their property taxes. For example, some of the property taxes can be recorded but not collected until the retired person passes away or sells the house, at which time the taxes are collected from the resale value of the house.

6   Strategist   2016 Dec 7, 8:10pm  

FP says

Strategist says

A lot of the homeowners that benefit from Prop 13 are retired, pay less property tax, and less income tax.

There are other mechanisms to deal with retired people who cannot pay their property taxes. For example, some of the property taxes can be recorded but not collected until the retired person passes away or sells the house, at which time the taxes are collected from the resale value of the house.

That's a great idea. Something like a reverse mortgage.
Lets not tell anyone. I don't want my taxes going up.

7   Patrick   2016 Dec 7, 9:32pm  

FP says

There are other mechanisms to deal with retired people who cannot pay their property taxes. For example, some of the property taxes can be recorded but not collected until the retired person passes away or sells the house, at which time the taxes are collected from the resale value of the house.

This is brilliant!

8   BayArea   2016 Dec 8, 6:22am  

can anyone sound off on how prop tax rates work with inherited homes?

9   Y   2016 Dec 8, 6:26am  

I dunno. Which one is 13?

tovarichpeter says

Who really wins or loses from prop 13

10   8e6e0   2016 Dec 12, 9:53am  

Squawk!"
"CNN!"

Washington Post Headlines!"

"MSNBC & New York Times!"

"Squawk!"

"Huffington Post, Slate & DailyKos!!!"

Squawk!"

#TovarichPeterParrot

11   finehoe   2016 Dec 13, 10:55am  

FP says

some of the property taxes can be recorded but not collected until the retired person passes away or sells the house, at which time the taxes are collected from the resale value of the house.

They do this in the District of Columbia. The heirs don't like it, but I think it's fair.

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