California tax reform (Los Angeles, Oakland: sales, real estate, 2014)

[majoun]

A UCLA professor recognizes that the repeal of Proposition 13 is necessary to give the state a more stable tax base, and that tripling the property tax while eliminating income and sales taxes would jumpstart the California economy.

Californians should wise up about our stupid tax code*-*Los Angeles Times

[NewToCA]

So, in the major metro areas many would have annual property tax bills in the $15,000 - $40,000 range?

Sounds brilliant...

[majoun]

Originally Posted by NewToCA

So, in the major metro areas many would have annual property tax bills in the $15,000 - $40,000 range?

Sounds brilliant...

If it would mean no sales taxes and no income taxes, it would save money.

Furthermore, it would act as a break on the appreciation of property values, and would cause prices to dive, therefore discouraging speculation and bubbles.

[cb73]

I don't recall what my state tax was last year, but it wasn't all that much. Tripling my property tax would mean walking away from my house--my monthly income wouldn't support that amount.

I guess you could call this "housing redistribution" as all the older fixed-income people lost their houses and they were sold for little money to the younger people.

[ferretkona]

Originally Posted by majoun

If it would mean no sales taxes and no income taxes, it would save money.

Furthermore, it would act as a break on the appreciation of property values, and would cause prices to dive, therefore discouraging speculation and bubbles.

Ha haaaaaa funny, you believe that stuff. CA not try to tax?

[majoun]

Originally Posted by ferretkona

Ha haaaaaa funny, you believe that stuff. CA not try to tax?

Proposition 13 did cause Californian's total tax burden to be much, much worse than it would have been otherwise, and that's not even considering the indirect taxation of fines and fees.

Higher property taxes would mean a lower overall tax burden and much more freedom.

[Tulemutt]

The state requires a certain amount of money to run. It derives that revenue from taxes. Shifting the tax away from income and sales taxes doesn't "save" the state anything. Nor does it change the tax burden. It merely shifts the sourcing.

[eccotecc]

Do you really think if prop 13 was eliminated that taxes and fees would be lowered or eliminated? Who are we kidding? As was mentioned, the displaced homeowners would be seeking rent relief or subsidizing after loosing their homes for failure to pay property taxes. Don't kid yourself if you think the new tax would stay at 3%. What would keep politicians from raising it to 4%?

[Electrician4you]

Originally Posted by majoun

A UCLA professor recognizes that the repeal of Proposition 13 is necessary to give the state a more stable tax base, and that tripling the property tax while eliminating income and sales taxes would jumpstart the California economy.

Californians should wise up about our stupid tax code*-*Los Angeles Times

LOL. Repealing P13 would be one of the worse things to do.

[Ultrarunner]

I'm passionate about the roof over my head...

My Property Tax is about 1.6% which equals a little over 9k in East Oakland CA...

If it went to 27k there would be blood in the streets.

Besides... the government has a vested interest in propping up Real Estate and has taken steps to stimulate the market.