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Why California is broke, and Texas is not
invite response
2012 Oct 10, 3:30pm 27,252 views 63 comments
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REpro
2012 Nov 18, 5:27am
Why California is broke, and Texas is not
Prop 13, 1978
How many places in CA have 1% straight tax today? Maybe bare land.
Bellingham Bill
2012 Nov 18, 11:19am
Prop 13, 1978
This is actually a good point. Texas actually has a pretty aggressive property tax regime. Plus they didn't allow their economy to go flim-flam in the 2000s, by limiting people to 80% LTV ratios on refis etc (they learned from the S&L/oil patch crisis of the 1980s).
Bellingham Bill
2012 Nov 18, 11:29am
How many places in CA have 1% straight tax today?
? It's not the rate it's the assessor valuation, which is limited to 2% per-year increase.
Thanks to Prop 13, the apartment I lived in in 1990 is now paying pretty much the same property tax it was then, even though rents have more than doubled (nearly tripled).
Land $1,302,912
Improvements $2,434,406
80 units so the assessor is valuing each unit at $46,000. Actual market value is around $300,000.
The assessed property tax per unit is $30/mo. Rents are $1700-2700.
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http://economy.money.cnn.com/2012/10/10/california-texas-richard-fisher/?iid=HP_River