Given the high purchase prices in California, wouldn’t there be a property tax windfall if, say, half of the houses in the state changed hands? @kimmaicutler
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But I'm thinking the cities will end up getting more taxes (run rate wise) than if California didn't have Prop 13. If Cali had a regular property tax scheme, the appraisals would lag the current bubble.
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CA property is "appraised" each year based on its Jan 1 value. It's fairly easy to figure out based on other property comps, even if after the "appraisal date." Owners get "Escape Assessments" when an earlier assessment is increased post-hoc based on a revised appraised value.
End of conversation
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