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Big_Johnson says
The day a renter buys his first house in CA is the day he/she will love prop 13.
Same day he/she becomes a parasite on the rest of the state - how is this a good thing for others!
https://www.taxfairnessproject.org/
How it works everywhere else: Your home is reassessed every so often -- usually 1-4 years. If it has gone up in value, congrats! You are now wealthier. But your taxes go up too to compensate.
How it works in California: Your home's assessed value is frozen at the moment of purchase. Even if it skyrockets in value, it will not get reassessed as long as you own it.
The upshot: The houses that have grown in value the most - making their owners millionaires just by the virtue of happening to buy a home in the right neighborhood - also get the largest subsidies. People trying to buy their first homes, laden with large mortgages, get no subsidy.
PAID FOR BY YOUR KID'S EDUCATION
Why does this matter? Property tax pays for one very important thing: K-12 education. In most jurisdictions a minimum of 40% goes toward education.
In other words: This subsidy, primarily benefiting wealthy homeowners, is paid for with lower teacher salaries, larger classroom sizes, and deteriorating facilities.
(Read more on Prop 13's impact on education)
REFORM IS ON ITS WAY
The good news is that after 4 decades momentum is building to overturn Proposition 13.
Prop 15 is an important first step to reforming property taxation in California. It essentially unravels the subsidies for large commercial properties. You should vote "Yes" on Prop 15.
REFORM IS ON ITS WAY
The good news is that after 4 decades momentum is building to overturn Proposition 13.
Prop 15 is an important first step to reforming property taxation in California. It essentially unravels the subsidies for large commercial properties. You should vote "Yes" on Prop 15.
Patrick says
REFORM IS ON ITS WAY
The good news is that after 4 decades momentum is building to overturn Proposition 13.
Prop 15 is an important first step to reforming property taxation in California. It essentially unravels the subsidies for large commercial properties. You should vote "Yes" on Prop 15.
It sure would be a bitch of a thing if grandfathering included in the bill.
GNL says
Patrick says
REFORM IS ON ITS WAY
The good news is that after 4 decades momentum is building to overturn Proposition 13.
Prop 15 is an important first step to reforming property taxation in California. It essentially unravels the subsidies for large commercial properties. You should vote "Yes" on Prop 15.
It sure would be a bitch of a thing if grandfathering included in the bill.
california is always ready for more taxes, all in the name of fairness and equity. today it’s businesses, tomorrow it’ll be home owners.
At no time should we encourage a measure that is going to increase the tax revenue to the State / local governments
ForcedTQ says
At no time should we encourage a measure that is going to increase the tax revenue to the State / local governments
I haven't heard anyone say they want taxes to go up but eliminating prop 13. They want to be taxed evenly and fairly compared to others. That doesn't mean more total taxes to the California government.
LOL you were able to understand is because, I suspect you live outside of CA.
Blue says
LOL you were able to understand is because, I suspect you live outside of CA.
Correct. I do understand wanting to allow the older set to grow old in their homes. I am sensitive to that in California the same as the rest of the country. I think Patrick has posted some great solutions.
How the F is it fair that someone can inherit a tax subsidy? That's fucking insane.
Life isn't fair. Prop 13 like any other law, has unintended consequences that have yet to be fully seen.
1337irr says
Life isn't fair. Prop 13 like any other law, has unintended consequences that have yet to be fully seen.
And that's news? People are trying right a wrong. You're against righting wrongs? Or am I reading you incorrectly?
Life isn't fair. Prop 13 like any other law, has unintended consequences that have yet to be fully seen.
How the F is it fair that someone can inherit a tax subsidy? That's fucking insane.
If you get the house via inheritance, but don't live there, you can't claim the exemption
On November 3, 2020, California voters approved Proposition 19, the Home Protection for Seniors, Severely Disabled, Families and Victims of Wildfire or Natural Disasters Act. Proposition 19
.
https://finance.yahoo.com/news/pimco-kiesel-called-housing-top-160339396.html?source=patrick.net
Bond manager Mark Kiesel sold his California home in 2006, when he presciently predicted the housing bubble would pop. He bought again in 2012, after U.S. prices fell more than 30% and found a floor.
Now, after a record surge in prices, Kiesel says the time to sell is once again at hand.
I bought at 2.5% and my home appreciated 350k so my plan is to save as much cash for the next bubble when houses are down 30%. When do you think they will drop again?
I bought at 2.5% and my home appreciated 350k so my plan is to save as much cash for the next bubble when houses are down 30%. When do you think they will drop again?
Correct. I do understand wanting to allow the older set to grow old in their homes. I am sensitive to that in California the same as the rest of the country. I think Patrick has posted some great solutions.
What would happen if the tax benefits of this and Prop 13 were stopped ?
It would cause a lot of owners to sell their homes and it would cause a housing price crash ?
On November 3, 2020, California voters approved Proposition 19, the Home Protection for Seniors, Severely Disabled, Families and Victims of Wildfire or Natural Disasters Act. Proposition 19 is a constitutional amendment that limits people who inherit family properties from keeping the low property tax base unless they use the home as their own primary residence.
However, the Prop 13 commercial reform could come to pass. It was defeated (52% No) in November, 2020.
Considering Prop 19 above, why the continued hatred of limiting property tax increases on purchaser/owner occupied homes?
Like I said before, government spending needs to be reigned in because they are all acting like drunken fools. There is no way in hell I want them to get additional tax revenue.
California doesn’t have revenue problem. It has spending problem. The solution is to give the state more tax revenues?
I’m a business owner. I see the solution differently. More tax revenues will not solve the California spending crisis.
I don’t know what drives the people who want to repeal Prop 13. If a bunch of immigrants, who could make it in this country, starting from ground zero and without speaking the language, what’s stopping the folks who are born here and speak the native language? It never stops amaze me what kind of stuff people come up with.
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https://finance.yahoo.com/news/pimco-kiesel-called-housing-top-160339396.html?source=patrick.net
Bond manager Mark Kiesel sold his California home in 2006, when he presciently predicted the housing bubble would pop. He bought again in 2012, after U.S. prices fell more than 30% and found a floor.
Now, after a record surge in prices, Kiesel says the time to sell is once again at hand.