I will pay more in property tax this year as a new owner than my next door neighbor has paid in TOTAL since they moved there in 1965. That's California's Prop 13. It's a massive wealth transfer from the young to the old, many of whom rent their homes and keep the profits
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Replying to @justindross @countmystars
Flipside: in MA they have no cap, so Boston skyrocketed and all the old neighborhoods have people's grandparents moving out/selling/ living in poverty. They can't afford their taxes on a house they've had for 50 years. In a city so small, it's a cultural loss.
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Replying to @NantucketHseWif @countmystars
CA has the opposite problem with no young people / families in SF A big rapid jump helps nobody either. (Also, CA prop tax is much lower than MA at ~1.1%) Instead they should accrue unpaid tax against the value, then owe it once they sell, like TX
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Gotta put this higher in your thread....
7:44 PM - 15 Jan 2020
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