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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.â€
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.â€
Those who benefit from Prop 13, also pay the ridiculousy high California income tax. So it's really a wash.
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.
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.
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.
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.
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!
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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.
http://www.sfchronicle.com/business/article/Who-really-wins-or-loses-from-Proposition-13-10778600.php?ref=patrick.net