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1 - Prop 13 was also about the stopping of the raising any taxes. It required 2/3 majority to pass any tax raises - hence the minority legislators rule the process - very ineffective.
2 - In either the state of NJ or a city in NJ, they calculate property taxes by taking the median house price and then comparing all houses to that price. They set the value for the median house price. Some will owe more taxes if their house is valued over the median price and less if below the median price. They re-evaluate it every 3 years and they have a total pool amount that they want (that may increase 3% each time) - so it's distributed over all the houses - so not based on percentages. It seems more fair because it's equitable and doesn't matter that you were able to purchase a home before 1978.
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For some time prop 13 has appeared numerous times on patrick.net as somehow relating to the housing crisis e.g. most recently today.
Whilst people do seem to present some arguments as to why it did contribute, I totally fail to see the connection. How could stopping unbridled taxation contribute to a housing crash? beats me, especially since the crash is also occurring in states that don't have a prop 13.
When one considers the numerous doom sayers prophetcies at inception which seem to have been kept at bay for decades.
Also one must remember taxes are a bit like roads as soon as you build one it becomes full and you need to build another...
Further I fail to see how if prop 13 had been passed how the state would have been alright and the crash averted. This is because if the state could overspend on its budget now how would it have been constrained by more money being available to it? surely the reverse?
#housing