2014 Travis County property taxes now avail online (San Antonio, Anton: home sales, homebuyer)

[mark311]

Originally Posted by scm53

That wasn't the hypothesis - the argument was that Prop 13 caused the California bubble, which is easily provable as no.

Prop 13 has hurt the CA economy as a whole and therefore has contributed to the CA bubble. I think we could all find articles that support both sides of this issue. Some economists do point to Prop 13 as greatly contributing to the housing crisis there.

Highlights from the article are below:

https://beaconecon.com/blog/prop_13_...the_third_rail

•Prop 13 is regressive. Those who have owned their properties the longest – and therefore have accumulated the most wealth in the form of home equity – are taxed the least.

•Prop 13 has worsened housing affordability. Because property tax revenue is capped, cities looking to fund public services have an incentive to push retail and industrial development over home building.

•Prop 13 has fueled California’s “business unfriendly” reputation by forcing lawmakers to hike sales taxes, corporate taxes and personal income taxes to make up for the property tax shortfall. Those revenue sources rise and fall with the economy, so they’ve also exacerbated boom-and-bust budgeting in state and local government.

[scm53]

Originally Posted by mark311

Prop 13 has hurt the CA economy as a whole and therefore has contributed to the CA bubble. I think we could all find articles that support both sides of this issue. Some economists do point to Prop 13 as greatly contributing to the housing crisis there.

Highlights from the article are below:

https://beaconecon.com/blog/prop_13_...the_third_rail

All true stuff. All potentially responsible for the California fiscal mess. All having zero to do with why California's property values - like Nevada and Florida, especially - zoomed and then collapsed. AKA "bubble".

Two COMPLETELY different issues.

[RoadWarrior12]

Originally Posted by scm53

All true stuff. All potentially responsible for the California fiscal mess. All having zero to do with why California's property values - like Nevada and Florida, especially - zoomed and then collapsed. AKA "bubble".

Two COMPLETELY different issues.

Actually, property tax does play a role in capping huge property value "run ups" I wouldn't say they're causative, but definitely impactful.

[CarnivalGal]

Originally Posted by scm53

Then why does the city need MORE revenue out of my house than it did the year before? If the value goes up, shouldn't the rate come down to yield the same revenue? There aren't any more residents in my house than there were last year, so why do they need more money?

Answer that question, and you will get to the bottom of why Austin is becoming more and more unaffordable. We elect people that have an insatiable appetite for more power. And money is power. Won't change as long as we elect the same mentality.

Well, how else do you expect them to pay for a $20 million dollar boardwalk?

[verybadgnome]

Wow, the owner of the single family house next door will see the taxes for their rental go up 39% in one year. So given situations like this will more landlords be pushed to sell their single family homes or will they just hike up the rents?

[ppp38]

Originally Posted by verybadgnome

Wow, the owner of the single family house next door will see the taxes for their rental go up 39% in one year. So given situations like this will more landlords be pushed to sell their single family homes or will they just hike up the rents?

Im sure the cost will just get passed down the renter as it usually does.

[RoadWarrior12]

Originally Posted by ppp38

Im sure the cost will just get passed down the renter as it usually does.

Yep. Let's assume that was a $250k house that just went to $350. Another $160/mo in rent right there.

[Ultrarunner]

Originally Posted by mark311

Prop 13 has hurt the CA economy as a whole and therefore has contributed to the CA bubble. I think we could all find articles that support both sides of this issue. Some economists do point to Prop 13 as greatly contributing to the housing crisis there.

Highlights from the article are below:

https://beaconecon.com/blog/prop_13_...the_third_rail

•Prop 13 is regressive. Those who have owned their properties the longest – and therefore have accumulated the most wealth in the form of home equity – are taxed the least.

•Prop 13 has worsened housing affordability. Because property tax revenue is capped, cities looking to fund public services have an incentive to push retail and industrial development over home building.

•Prop 13 has fueled California’s “business unfriendly” reputation by forcing lawmakers to hike sales taxes, corporate taxes and personal income taxes to make up for the property tax shortfall. Those revenue sources rise and fall with the economy, so they’ve also exacerbated boom-and-bust budgeting in state and local government.

No where does Prop 13 speak to length of ownership...

I bought my 1957 home 10 years ago as prices were rising...

My neighbors bought 5 years later and have twice the square footage and their home was built in 1997...

Guess who pays less property tax and it's not me.

Prop 13 is based on Fair Market value at the time of transfer... nothing more, nothing less.

Property Tax Revenue is not capped... all Prop 13 does is require voter approval and the voters of my city have been very generous when it comes to approving new property taxes... it only takes 55% voter approval to fund a new school.

Prop 13 goes back to 1978... in other words many years... Lawmakers refused to act and most believed Prop 13 had no chance of passing... typical of the smugness of the time.

Prop 13 passed because it enjoyed widespread grassroots support and I'm thankful to have a little predictability in my Prop Tax even though I was too young to vote at the time...

California is not Texas and vice-versa... although I know quite a few Californians living in Travis County... so plenty of California thinking is alive and well.

[verybadgnome]

So can this tactic be used in Travis County like it is in Bexar?

"And while the appraisal district is able to learn the sales price when they are reported to the Board of Realtors, rich homebuyers are able to avoid that. They simply pay the real estate agent the roughly $5,000 fine realtors are charged when they don't report sales prices."

The rich make a killing on home sales and property taxes - San Antonio Express-News

[winkosmosis]

Income tax is starting to look good huh?