CA Prop 13 does allow for increase which is capped each year at 1% pure cash value - for example my SF home property taxes have raised every year I’ve owned it - but yes the initial tax is based off purchase price at time of sale/close & in essence raises 1% each year
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Replying to @Maxtropolitan @ByRosenberg
Which you only cash in on if you refinance or sell - again Prop 13 was originally created to keep ppl in their homes it’s not perfect it’s flawed - but the larger housing crisis is not “because” of prop 13, this is simply one nuanced factor in the larger issue
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Agreed! Just because your home value has gone up doesn’t mean you now have cash! My mom is under prop13 and couldn’t afford it otherwise. She’s owned since 1968. She’s nearly 80. What is she supposed to do get a job to pay higher taxes? Ridiculous.
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What I’m saying is just because you’re house rich doesn’t equate to liquid cash and this has to be considered when you’re talking about people who’ve worked their whole lives and saved to retire-they shouldn’t have to give it all up in taxes
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It’s ugly in the SF Bay Area. I honestly don’t know how people do it. You have to have owned & sell, roll your profit in order to move up. Who has $160k for a down pymt? Very difficult situation. Then you add taxes on mortgage. The middle class is hurting.
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$160K for a down payment. Try closer to half a million. More than a third are all cash.
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