What the heck is a “Bond Measure Passthrough,” why doesn’t this come out of the general budget, and why do we get such a jargon-filled form?pic.twitter.com/l3bALqlqHQ
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What the heck is a “Bond Measure Passthrough,” why doesn’t this come out of the general budget, and why do we get such a jargon-filled form?pic.twitter.com/l3bALqlqHQ
Because general budget needs property taxes. Specific measures are funded with bonds that are paid back via separate parcel taxes. Landlords can pass this onto you as part of rent, even if there is rent control.
I'm trying to parse this, but it still doesn't make sense to me. I don't understand why the city wants to bother me with this useless information. In other countries, cities just raise money if they need it and the interest cost (?) goes on the general budget.
In most of the US it works this way. But California has a special law, Prop 13, that guarantees your property tax will never go up when you buy property. (Not the rate won't go up; the actual amount won't go up because your property's valhe will not be reassessed)
So if voters vote in some expensive new program (new schools, parks, etc), they must also vote for a special dedicated parcel tax to fund it, because they have no mechanism to get the funds through the normal means into general fund.
At the same time, SF has strict rent control laws which means there are very few excuses for raising your rent beyond a certain amount. So the landlord is telling you about the new parcel taxes you are going to help them pay through your raised rent.
I guess I should have seen coming that this goes back to prop 13
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