Home for sale in Oakland. Listing price is $849k (will likely sell for > $900k). Assessed value is $64k. That’s a $10k per year subsidy for the homeowner. Prop 13 makes me wish I had bought a house... before I was born.pic.twitter.com/x5XUFpf7uf
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If home owners felt even some of the pain there would be greater political will to solve the housing crisis, increase density etc
but they don't, their assets double in value every economic cycle on roughly the same tax basis.
A COLA could be a good start? On one hand, it's not fair if you bought a house for $1m, & now it's $3m w/in 5 years & you can't afford 3x taxes. On the other hand, also unfair if someone bought for $100k in the 70s & pays 30x less taxes than someone w/similar house who buys now.
Also, it's worse than just paying 30x as much as someone who bought 30 years ago. It's also a subsidy where instead of everyone paying 0.75% of house value, a bunch of people pay .1% and a bunch pay 1%.
but also, one of the purposes of land value taxes is to erode estates
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