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Prop 58 should be repealed. There is no reason the basis of the property value should be allowed to transfer from grand parents/parents to children.
what is yours and your families is the same. Its a related party transfer and basis can transfer, as is the case with IRS rules.
OP, Bay Area
Maybe someday someone will begrudge me my Prop 13. It might be your kids who hate me for buying a "house next to nothing" and taking from "young families."
This week I paid my property tax bill. Two parcel taxes for elementary schools, another for the local CCD. A couple mid-2000s bond issues for schools. Plus the 45 percent of the regular property tax that's designated for schools. Then there's that whole Prop-30-something that's on the ballot...for schools and for the children, again. We are all for the children, but we are all struggling.
I bought my house last year. Four fifths of my property tax went to take care of "the future." In the future, I expect the future to take care of me.
I wish I felt better about The Future. The public school a mile down in a poorer neighborhood has an API of 8. That school got Lowellized. The runoff consisting of all those who can't afford Catholic school or lunch went to the school nearest me. That school has an API of 2, a free lunch rate of 70 percent, and spends 30 percent more per year than the 8 API school.
On what The Future owes me shall probably differ. However, let us agree in The Present that it was never to your benefit nor mine to be forced to subsidize people who had children knowing that the those who had them had less hope of paying for their kids than for their 2005 no verification loan. The ones who have been living mortgage-free since 2008.
BobMSN
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2012 Oct 8, 6:11pm
Both Prop 18 and 58 should be repealed. They are actually stealing and rubling between neighbours. Why anyone have to pay the service for your neighbours?
That there are vultures counting on your death to bring them money is disconcerting.
Make your own way without counting on someone dying.
Eman
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2012 Oct 9, 1:07am
Here is how my neighbor sums up her property tax bill. "Look sunny, I have been paying property tax for 40 consecutive years. I already pay enough." She's right. Home ownership is painful in the beginning but awesome in the end. I have no problem carrying the burden when you are young and strong but get protection when you get old and weak.
I agree with you there. Well said.
Eman
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2012 Oct 9, 1:08am
That there are vultures counting on your death to bring them money is disconcerting.
Make your own way without counting on someone dying.
You mean government employees? :)
Eman
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2012 Oct 9, 1:10am
but collecting from the owners is a more reliable way for the gov to get their annual dough.
:)
C Boy
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2012 Oct 9, 1:22am
Here is how my neighbor sums up her property tax bill. "Look sunny, I have been paying property tax for 40 consecutive years. I already pay enough." She's right. Home ownership is painful in the beginning but awesome in the end. I have no problem carrying the burden when you are young and strong but get protection when you get old and weak.
I agree with you there. Well said.
Yeah, the old 'I paid taxes at a lower rate, but now that I am old I want more services and you young people owe it to me'.
Gotta love the elderly.
rootvg
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2012 Oct 9, 1:31am
Here is how my neighbor sums up her property tax bill. "Look sunny, I have been paying property tax for 40 consecutive years. I already pay enough." She's right. Home ownership is painful in the beginning but awesome in the end. I have no problem carrying the burden when you are young and strong but get protection when you get old and weak.
I agree with you there. Well said.
Yeah, the old 'I paid taxes at a lower rate, but now that I am old I want more services and you young people owe it to me'.
Gotta love the elderly.
That's how it is, worse in Europe.
Old folks are basically royalty in Germany. It's a cultural thing.
Renters do pay property tax. It's part of the rent. Who do you thinks pays it, the tooth fairy?
Rent *may* pay property taxes, but that is not what ultimately determines the rate of rent. Our rent works out to $2000/mo cheaper than a comparable mortgage, part of which would be property taxes.
freak80
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2012 Oct 9, 1:54am
Yeah, the old 'I paid taxes at a lower rate, but now that I am old I want more services and you young people owe it to me'.
Gotta love the elderly.
And they're laughing all the way to the nursing home, since they vote in large numbers and the youth do not.
How do you think we got socialized medicine...oops...I mean Medicare D under a Republican president?
FortWayne
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2012 Oct 9, 2:16am
Prop 13 should stay.
Prop 58 should be repealed. There is no reason the basis of the property value should be allowed to transfer from grand parents/parents to children.
That I do agree with. Prop 58 just creates a pyramid scheme. I understand if a spouse would be included, but children... that's just creating an incumbency of wealth.
I have no problem carrying the burden when you are young and strong but get protection when you get old and weak.
SFace, How many bedrooms does her house have -- and how many people are currently living with her?
« First « Previous Comments 31 - 43 of 43 Search these comments
I'm looking at my most recent tax bill and see the following:
- Mosquito Abatement
- CSA Paramedic
- CSA Vector Control
- City Emergency Medical
- City Paramedic SRV
- School Measure G
- Oak Fire Prev Dist
- BART/AC Transit (public transportation)
- City library service
- EBMUD (water)
- East Bay trail
- Flood benefit
- Park safety
- City landscape
- Underground utility
- Land & Improvements
Comes out to a total of 1.4112% in Alameda County (I know, unbelievable!).
Anyway, buyers typically just accept that 1.X% of the home price will be going towards property tax. It's just the way it is, right? Well wait a minute. When it comes to mosquitos, schools, paramedics, public transportation, land, park safety, fire, etc, wtf difference does it make if I've lived in my house for 15 years or 1 year? Why does the old retired couple who bought 30yrs ago pay less in property tax than their young neighbors who just moved in and are starting a new family? Is one less likely to need the fire department? Is one less likely to experience flood? Is one less likely to need a city paramedic? You can probably argue that the young couple may benefit from the schools more so than the older couple, but I don't see anything else on the list above that clearly favors one over the other.
When it comes to land value, if both parties above have the same amount of land in the same location, the valuation of that land should be identical.
I can understand price being locked. Whatever you paid for your house is what you paid. But conceptually why are we all using the items listed above yet paying so differently for them?