Dark secret of California is that no one sells real estate because you can inherit your parents' lower tax rates. http://www.lao.ca.gov/Publications/Report/3706 …pic.twitter.com/KO4pdi2lhZ
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It's an interesting debate. I'm less inclined to double tax something that an inheritor worked hard for.....
property tax goes toward schools, roads and services in the present, that the present owner would enjoy & need to be continually supported.
That is the debate, states with higher property taxes have better schools/infrastructure, but their RE markets often suffer. Tough balance..
Think CA is tilted too much toward one end of that spectrum, which is capped property taxes, highest housing costs and poor infrastructure.
...debate is CA residents so used to low prop taxes. Whether or not the original legislation was right, changing this and items like 1031..
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