The setup as I understand it is that the property taxes rise at the rate of inflation rather than the unrealized paper value of the property. Is the alternative that this is no longer the case? That you tax people based on unrealized gains in property values?
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That is how it works literally everywhere else. When you have huge appreciation, you have plenty of free equity appreciation to use help pay down the tax increases. It also encourages owners to build and keep prices stable
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Prop 13 really is one of the most fundamental flaws of California legislature precisely because it inhibits home ownership and is unsustainable as a state-wide practice. However, repealing the law would be callous without considering the consequences of seniors living under it.
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Read the other replies first please. This is the wrong tool for that job. Those elderly are sitting on millions in equity they can tap either directly to pay the property tax, or we can allow them to accrue unpaid taxes against the equity until sale like TX
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That's what fiat currency, QE, and stock-fueled compensation has done. Unfortunately, the old cannot downsize and keep up with the COL.
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Someone buys a house a 1/2-century-ago, which means they are in their 70's or 80's. The property tax was about 1% in 1978 when Prop 13 passed. With the gentleman's logic, everyone should pay a 1% tax on the current assessed value every year. Thus, Elderly people would be homeless
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I appreciate the
of the folks replying in defense of seniors. Obviously you explain how that can be solved with equity, accrual, etc.
But I really think people have to see the numbers. I mean, I like seniors too but why some arbitrary subset live tax free? -
Yes, and why are we protective of 100% of longtime homeowners to protect the few seniors who would be priced out, at the expense of 100% of young people who are priced out of buying and owning in the future. The balance is out of whack
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All commercial property, at a minimum. Then rented homes at least while rented out. Then once the property changes hand to the next generation
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Čini se da učitavanje traje već neko vrijeme.
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