Does this guy at the so-called "Adam Smith" institute understand that Adam Smith warned about the dangers of unearned land wealth http://www.econlib.org/library/Smith/smWN5.html#B.I … while those who invoked his spirit in the 70s passed Prop. 13, letting private land owners absorb disproportionate land rents?https://twitter.com/Sam_Dumitriu/status/945708446107750400 …
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Their rates are not keeping up w/ the cost of servicing public infrastructure, schools, etc. Means younger Californians or newcomers effectively subsidize the longstanding property owners.
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In that report, we suggest resolving a similar problem. Our property tax rates are set at 1992 levels, so rates have little relation to actual property values.
End of conversation
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