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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I wonder what the largest differential between assessed value and market value is in the city? Surely somewhere on Pac Heights? E.g. 2820 Scott assessed at $8M, on sale for $29.5M -- $250k annual subsidy?pic.twitter.com/P9ODdyzLvK
And then we wonder why the American Dream (merit-based social promotion) is dead…
On that note, did you see Zelda's newest banger? https://www.dissentmagazine.org/online_articles/hsieh-moretti-affordable-housing-free-market-fantasy …
How hard would it be to get rid of that provision specifically? I know total Prop 13 repeal is almost impossible, but how about just the inherited aspect and phase out over the next 5-10 years?
Unfortunately there's no way to fix this that doesn't either bankrupt people with "real" tax bills, or destroy 100B in wealth through property devaluation.
Or you do what my aunt did, which is sell her 20+ years property, move to a smaller condo, but keep the same rate from the old property.
Sigh! And we have a state run by “progressives”
That's why it's dangerous to allow Republicans to have power. These regressive tax laws were enacted in the 1970s to 1990s, when Republicans had power, and put into the Constitution where it's hard to change. Proposed repeal would be greeted by relentless attack ads full of lies.
Did I read the report correctly that over 8% of transfers qualify for Prop 13 exemptions? That's 8% of ALL transfers (transfers includes standard home sales?) Wow.
Yes, and the kids can’t renovate, or the property taxes go up. So all the houses keep aging.
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