Our parents, grandparents enacted this stupid revenue system 40 years ago & got to keep all the home appreciation:https://twitter.com/NickTimiraos/status/740287301234917376 …
it has everything to do with Prop. 13, which fiscalized land-use in the state of California: https://www.lincolninst.edu/subcenters/property-valuation-and-taxation-library/dl/chapman_1.pdf …
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just breezed thru your 108 page doc. Once again prop 13 applies caps to taxes on existing homes not new construction.
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