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bubblesitter
2014 Apr 16, 2:02am
A 4% increase on a $10,000 tax bill is $400 hike. How is this going to affect the affluent owner?
curious2
2014 Apr 16, 4:00am
It would be more accurate to say, temporary discounts are ending for property owners who got a temporarily reduced assessment due to the bubble bursting. They get to keep the $ they saved during the bust, but now that their property values have recovered or even increased above prior levels, their tax assessments going forward will return to the normal Prop 13 levels.
FortWayne
2014 Apr 16, 4:43am
It would be more accurate to say, temporary discounts are ending for property owners who got a temporarily reduced assessment due to the bubble bursting. They get to keep the $ they saved during the bust, but now that their property values have recovered or even increased above prior levels, their tax assessments going forward will return to the normal Prop 13 levels.
Are they going to prop 13, or to some arbitrary government decided value?
When governments are starving for taxes, they'll do whatever it takes to squeeze everyone for more. And homeowners just get hung upside down until their wallet and all their change falls out of their pockets for government to take.
curious2
2014 Apr 16, 4:55am
Are they going to prop 13, or to some arbitrary government decided value?
The adjusted value is either the Prop 13 limit or the reduced assessment that the owner got due to the bubble bursting, whichever is lower.
Eman
2014 Apr 16, 8:04am
That's fine. Just raise your tenant's rent by $50/month. That should cover the property tax increase. Use the rest of the money and take your kids to buy some toys and yogurt. Problem solved.
RentingForHalfTheCost
2014 Apr 16, 8:29am
That's fine. Just raise your tenant's rent by $50/month. That should cover the property tax increase. Use the rest of the money and take your kids to buy some toys and yogurt. Problem solved.
Except for the 2 months of vacancy when the tenant moves down the road for cheaper rent. You can recover the lose in about 4 years, so no worries.
Eman
2014 Apr 16, 5:40pm
That's fine. Just raise your tenant's rent by $50/month. That should cover the property tax increase. Use the rest of the money and take your kids to buy some toys and yogurt. Problem solved.
Except for the 2 months of vacancy when the tenant moves down the road for cheaper rent. You can recover the lose in about 4 years, so no worries.
2 months of vacancy in the Bay Area huh? Wait until your landlord decides to give you a 30- or 60-day notice. We'll see if you can find a cheaper place.
The landlords are the ones holding the iron grip now, not the renters. The rental market is almost as tight as the dotcom years. Have fun living in your dream world.
TheOriginalSBH
2014 Apr 16, 11:00pm
The orange blossems r bloomin soos the income in these countys is higher.
In comes ghe goverment to swoop up the profits.
them peoples in sunflower county mississipi are fucked once the bees get to work...
FortWayne says
Most of the property tax increases will be in the four-to-eight percent range in Orange County, said Guillory
In California the 2% property tax rate rise does not apply to previous reductions. That is if your previous value was lowered by 10%, the tax assessor can raise it now by 10% plus 2%. He gets to "recapture".
hanera
2014 Apr 27, 11:07am
Wait until your landlord decides to give you a 30- or 60-day notice. We'll see if you can find a cheaper place.
Guess he didn't know bidding frenzy applies to rental market too.
They aren't repealing prop 13, but they are going to be raising them on those who have reassessed, some small print related to reassessing I guess.
http://www.scpr.org/blogs/politics/2014/04/16/16381/alert-to-homeowners-a-property-tax-hike-may-be-in/
Most of the property tax increases will be in the four-to-eight percent range in Orange County, said Guillory. Like Fujioka in Los Angeles County, he’s projecting an overall increase of about four percent in property tax revenues.