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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.
I don’t know what drives the people who want to repeal Prop 13.
I do not understand why California did not do what municipalities in other states did when property values shot up - just lower the tax rate across the board. For example, if the rate is 2.6% and house values double, lower the rate to 1.3%.
I do not understand why California did not do what municipalities in other states did when property values shot up - just lower the tax rate across the board. For example, if the rate is 2.6% and house values double, lower the rate to 1.3%.
The best part of "conservatives" braying about some people not paying "enough" taxes is the argument that it is "starving public schools". The same "conservatives" who recently argued that children should be taken OUT of public schools and homeschooled (or at least sent to private schools).
Ah, the consistency, the principles!
HeadSet says
I do not understand why California did not do what municipalities in other states did when property values shot up - just lower the tax rate across the board. For example, if the rate is 2.6% and house values double, lower the rate to 1.3%.
Yep
This is also the reason repealing Prop 13
the Marks might be willing to let the government increase taxes on those disreputable property owners.
California is forecast to exceed its budget this year. Do you think for an instant that the government will reduce its spending????
If not, that only leads to one thing...higher taxes.
mell says
HeadSet says
I do not understand why California did not do what municipalities in other states did when property values shot up - just lower the tax rate across the board. For example, if the rate is 2.6% and house values double, lower the rate to 1.3%.
Yep
Because CA government thinks they should be getting even more revenue than statutorily prescribed. They are drunk on tax money, and will not give it up, ever. This is also the reason repealing Prop 13 would be one of the most disastrous things to do for Taxpayers…
Thing is most of these BnBs are in vacation hot spots and a good size chunk of our economy has plenty of financial assets to draw on, so it would take another lock down scenario to deplete demand.
The big driver of inventory in 2008-2013 was forced selling which doesn’t exist in todays housing market.
There is not as much a sense of urgency to sell and people may list their homes and decide not to sell because they cannot get their desired price.
.
https://www.zillow.com/homedetails/113-Sea-Oats-Dr-Panama-City-Beach-FL-32413/42796444_zpid/
Sold in 2000 for $134,500
Sold in Feb 2021 for $360,000
now listed for $615,000 :-/
At even $425,000 (assume ~5% annual appreciation since 2000) it would not be that lucrative of an investment for long term or vacation rental
.
GNL says
ad says
.
https://www.zillow.com/homedetails/113-Sea-Oats-Dr-Panama-City-Beach-FL-32413/42796444_zpid/
Sold in 2000 for $134,500
Sold in Feb 2021 for $360,000
now listed for $615,000 :-/
At even $425,000 (assume ~5% annual appreciation since 2000) it would not be that lucrative of an investment for long term or vacation rental
.
Big_Pretender told me I should buy any house I see. Price and rates don't matter. He's very successful.
Show when I ever said this. Fu* liar
ForcedTQ says
This is also the reason repealing Prop 13
Are you a landlord?
Many homeowners are OK with reforming Proposition 13.
Landlords are so not OK with reform that they don't even discuss the concept. Only all-or-nothing repeal.
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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.