[Tires]

Originally Posted by Scott456

comming from San Francisco, the property tax there is cap at 4% max increase per year (4% of your tax, not 4% of your property value). And when your property value decreases, you can appeal for re-assessed.
Is there something in L.V. similiar to that?

Isn't there Proposition 13 in all of California including San Francisco?

[olecapt]

Originally Posted by Tires

Isn't there Proposition 13 in all of California including San Francisco?

Actually NV is better than CA. Our increase is capped and does not reset on a sale. Prop 13 causes problems in that there can be a huge jump in the tax when a property transfers hands. So if you wish to move up from a long time residence...or even down...you have to be careful about the tax impact. There are some provision for the older to basically move their tax rates...but only sometimes.

[Tires]

The information I see on Proposition 13 says the maximum increase is 2% per year when there is not a sale or addition to the property, not 4% as the original poster said.
For most people, if they keep their new home, the maximum future property tax increases would be lower in California.

[olecapt]

Originally Posted by Tires

The information I see on Proposition 13 says the maximum increase is 2% per year when there is not a sale or addition to the property, not 4% as the original poster said.
For most people, if they keep their new home, the maximum future property tax increases would be lower in California.

Unless you want to sell. Where upon your buyer pays the full tax. A disadvantage that may overcome the small percentaqge advantage.

[MediocreButArrogant]

Prop 13 in CA means that when you buy a new house, you could be paying 10x in property tax compared what your new neighbors are paying, just because they've been in their house for 15 years and you just bought. Hardly seems fair when you're forking out $20k in property tax a year and your neighbor is paying $2k, and both your homes are worth the same amount. Basically, old people love Prop 13 and people who are still working hate it. It's not quite that simple, but I've never met anyone who was buying a house in CA who was happy about paying higher property taxes (often much higher) than their neighbor.

[Tires]

Originally Posted by MediocreButArrogant

Prop 13 in CA means that when you buy a new house, you could be paying 10x in property tax compared what your new neighbors are paying, just because they've been in their house for 15 years and you just bought. Hardly seems fair when you're forking out $20k in property tax a year and your neighbor is paying $2k, and both your homes are worth the same amount. Basically, old people love Prop 13 and people who are still working hate it. It's not quite that simple, but I've never met anyone who was buying a house in CA who was happy about paying higher property taxes (often much higher) than their neighbor.

Really, so what?
This isn't a big deal now due to lowered values from the housing crash.
You will get the same benefit if you live in the same house for decades and your neighbors homes with lower taxes will eventually be resold to new people who will pay more than you. It will protect you from being priced out of your home by big property tax increases when you have a fixed income.

[olecapt]

Originally Posted by Tires

Really, so what?
This isn't a big deal now due to lowered values from the housing crash.
You will get the same benefit if you live in the same house for decades and your neighbors homes with lower taxes will eventually be resold to new people who will pay more than you. It will protect you from being priced out of your home by big property tax increases when you have a fixed income.

You appear to be working an agenda.

The home we sold 16 years ago in So. CA for 400K is now worth 1.2 million. Those who have lived there continuosly since are paying well less than 10% of the taxes of new residents. You believe that it is good to have neighbors paying 10X difference in local taxes?

Your belief that So CA has crashed enough to equalize this shows you don't know much about So CA.

[Tires]

I didnt say that it makes it equal for everyone The people bought earlier, paid less for the house, paid less taxes. I won't worry about what other people paid for their home or what that means they pay in taxes. People buying now have at least caught up with people from the last 5-10 years.
If you can afford to buy a house now, you should be able to afford today's tax rate and not worry that your property taxes might be skyrocketing into your retirement.
People who bought in 2006 are envious of people buying now. Don't worry about the people who bought 15 or 30 or 50 years ago and paid less than you.

[olecapt]

Originally Posted by Tires

I didnt say that it makes it equal for everyone The people bought earlier, paid less for the house, paid less taxes. I won't worry about what other people paid for their home or what that means they pay in taxes. People buying now have at least caught up with people from the last 5-10 years.
If you can afford to buy a house now, you should be able to afford today's tax rate and not worry that your property taxes might be skyrocketing into your retirement.
People who bought in 2006 are envious of people buying now. Don't worry about the people who bought 15 or 30 or 50 years ago and paid less than you.

You believe that they cost 10% as much because they have been there for 15 years? Does it not in fact mean that old residents have voted themselves a tax reduction compared to new ones?

So you must agree that we old f**ts can pass legislation that lets the rest of the population pay our living and medical costs?

[Ultrarunner]

Originally Posted by MediocreButArrogant

Prop 13 in CA means that when you buy a new house, you could be paying 10x in property tax compared what your new neighbors are paying, just because they've been in their house for 15 years and you just bought. Hardly seems fair when you're forking out $20k in property tax a year and your neighbor is paying $2k, and both your homes are worth the same amount. Basically, old people love Prop 13 and people who are still working hate it. It's not quite that simple, but I've never met anyone who was buying a house in CA who was happy about paying higher property taxes (often much higher) than their neighbor.

Prop 13 adds predictability to the tax system which benefits all home owners and has effectively eliminated the fraud and corruption that sent several Tax Assessors to prison and another committed suicide for getting caught giving sweetheart deals to those of influence.

The home I bought was taxed at $1200 per year... the seller built it in 1956 and needed to move to a care facility. My tax for the same house jumped to $9000. I knew what I was getting into and fully intend to be one of the old guys someday with the low bill.

As far as new people paying higher taxes... this has not been the case for several years... I can show you block after block of homes that the previous owners were paying much higher property tax than the new buyers... in some cases the new people are paying less than half the taxes of their neighbors that bought just a couple of years ago... just like me because I also bought several years ago near the peak of the market.

The US Supreme Court ruled that Prop 13 does not violate the equal protection clause of the the Constitution because it is a tax based upon value at acquisition and all property is treated equally.

I was not old enough to vote for Prop 13 when a ground swell of voters made it the law of the land... I certainly would never want to return to the pre-Prop 13 days when opening a tax bill was like roulette where the house always wins and the tax is based on the Assessor's OPINION of value.