The strangeness of California's tax code. Palo Alto 94301 is the most expensive zip code in America.https://www.usatoday.com/story/money/2018/12/17/these-are-the-most-expensive-zip-codes-in-2018/38693069/ …
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But then again, Palo Alto's 94301 zip code remits nearly $1 billion a year in personal income tax. https://www.latimes.com/projects/la-pol-ca-next-california-economy/ …pic.twitter.com/clXSA81fQz
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Common feature on this list - lots of towns that were historically nice but not necessarily *wealthy*, but have become so in the past 20-30 years.
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Typo: You wrote "Despite" instead of "Because of". Purpose of a tax system is to soak the poor, not the rich.
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This makes sense to me (and even suggests that Palo Alto works more like a non-California city): if the total assessed value of all property in a city increases rapidly, a city can maintain or even increase revenue while lowering the % rate.
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I mean, what's "normal" anyway, but when value per acre goes up, you'd expect to see that partially reflected in value per unit, and partially in units per acre... Not in Palo Alto, of course.
End of conversation
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Top 10 list is full of priciest neighborhoods in California. Less skeptical view is that at some point the city locale doesn’t need more money to meet its needs and there is no need to raise taxes. Wealth redistribution is not city’s mandate.
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Guessing Hillsborough and Atherton don’t have 1k+ single family homes to be eligible?
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good data. not surprising given the influence of silicon valley that their taxes are among the lowest.
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Poorer communities often have to charge much higher property tax rates in order to fund basic service levels. I haven't seen the data but I understand from people who study this kind of thing that it's sadly normal.
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