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I just sold my home in Livermore in December 2011 that I owned for 27 years. My taxes were $2800 a year. When you compare California to Oregon and Washington it is cheap.
Prop 13 helped Californians. Whether someone bought at the peak has no bearing. Who knew the markets would see the collapse of 2008.
My family comes from peasant stock and early on, even as a child, my parents instilled in us the value of owning the roof over your head... no matter how humble...
That's the great thing about the new world... people from humble beginnings, from every walk of life can and do own property...
You've got it backwards...
Thankfully, the Supreme Court found Prop 13 did not violate equal protection and 35 years later it has stood the test of time.
I live in the heart of the SF Bay Area... Oakland California.
Anyone that says $9000 annual property tax on a 1725 square foot 1956-57 ranch style house is too little is out of touch...
Just how much more should I be paying?
And no... I am not foolish enough to believe my taxes will go down should my elderly neighbors have to pay more... there will never be enough to satisfy no matter how much there is...
The true value of anything can only be determined when there is a willing buyer and seller... anything else is just a wild guess which is the way it was before Prop 13.
Those that come after the boomers will enjoy the same benefits then as the boomers do now... Prop 13 applies equally to all.
Um have you thought about taxes much?
People outside the California bubble your in scratch their heads in wonder how can you be so out of touch.
9000$ is not nearly enough apparently and neither is a 12% state income tax. You state is bankrupt and has the worst bond rating in the nation because you spend so dam much. Stocktand declared bankruptcy why doesn't the entire state.
Have you ever thought about this? Taxes go towards paying your massive entitlement bill.
I just sold my home in Livermore in December 2011 that I owned for 27 years. My taxes were $2800 a year. When you compare California to Oregon and Washington it is cheap.
Prop 13 helped Californians. Whether someone bought at the peak has no bearing. Who knew the markets would see the collapse of 2008.
Anyone who heard the adage "what goes up, must come down".
How could people really believe that the cost of housing would ALWAYS go up faster than inflation, FOREVER.
The cost of renting a studio flat in Compton could never exceed the GDP of the world.
People outside the California bubble your in scratch their heads in wonder how can you be so out of touch.
9000$ is not nearly enough apparently and neither is a 12% state income tax. You state is bankrupt and has the worst bond rating in the nation because you spend so dam much. Stocktand declared bankruptcy why doesn't the entire state.
Have you ever thought about this? Taxes go towards paying your massive entitlement bill.
I think of taxes a lot... taxes are my greatest expense.
Folks I vote for almost never win...
If everyone paid the taxes I do and received so little in services California would be awash in money...
Just living in Oakland earns me the privilege to pay nearly 50% more in property taxes than those a few minutes away that live in the county... it also adds up in many other ways on everything from utility taxes to business licenses all the way to the steep transfer tax paid when property is sold... can easily add another 5 to 10k to the cost of a sale.
Stockton is only one city that declared BK... there are others.
As far as I know a State cannot declare itself BK. The rest of the country better hope this to be the case since California is a doner State that supports the Feds instead of a taker State.
I can't believe you didn't hear the Governor state of the State speech today... everything is looking up
I can uniquely comment since he was also the mayor of my city...
What I always find funny about these thread is the degree to which Boomers deny any part in the poor situation we find ourselves despite being in the drivers seat for the last 2~3 decades....
Regardless, the boomers aren't going to "get theirs", either the transfers of wealth will continue and it will efficiently bankrupt the nation and result in a lower standard of living for everyone or the boomers will agree to some sort of shared sacrifice and things may improve over time.
Perhaps a more interesting conversation would be the sort of things younger generations can do on a personal level to prevent some of the theft. Avoiding overpriced real estate seems like an obvious one, perhaps avoiding inflated financial assets that the boomers will have to cash in soon as well.
What about your rental properties, when did you buy those?
One at a time... the most common scenario was to find a property that needed work, move in and make the repairs over the course of a year or two and repeat.
Keep in mind that getting a permit also triggers a visit from the Assessor... so even owning a property for a number of years doesn't mean the tax base goes all the way back...
The biggest hit comes from voter approved special assessments that tend to pile on and in some cases total more than the straight tax rate.
What I have experienced first hand is a roll back of almost 20 years of price appreciation. I know not every neighborhood is comparable to East Oakland... but, this is where I live so it matters much to me.
I bought one home in 1995 and it appreciated nicely... then came the collapse and it was worth exactly what it was worth when I bought it 14 years prior.
Thank Goodness Prop 13 spared me and my tenant the wild roller coaster of wildly inflated values that were not sustainable...
Imagine a modest East Oakland home in good repair selling for the same price in 2009 as it did in 1995?
Market has recovered some and is now about 45-50% of what similar homes sold for at the 2007 peak.
Just imagine if there wasn't any Prop 13... the taxes could have easily tripled only to fall and all the unnecessary carnage caused along the way
Not to mention the Alameda County Assessor takes years to decide an appeal.
I really don't know anyone that has retired and at least considered moving for economic reasons... even with Prop 13... California is far from a low tax State and many other States have special benefits for the retired.
What I always find funny about these thread is the degree to which Boomers deny any part in the poor situation we find ourselves despite being in the drivers seat for the last 2~3 decades....
Regardless, the boomers aren't going to "get theirs", either the transfers of wealth will continue and it will efficiently bankrupt the nation and result in a lower standard of living for everyone or the boomers will agree to some sort of shared sacrifice and things may improve over time.
Perhaps a more interesting conversation would be the sort of things younger generations can do on a personal level to prevent some of the theft. Avoiding overpriced real estate seems like an obvious one, perhaps avoiding inflated financial assets that the boomers will have to cash in soon as well.
Just a return to the mortgage rates of the early 80's at 15% or higher will deflate prices across the board if low prices are the goal.. the supply of money must be trimmed.
On the other hand... it seems to be policy to keep prices up and nothing like ultra low interest rates to drive prices... the old axiom of too many dollars chasing too few goods.
I remember a few things from economics even if I majored in Engineering.
One at a time... the most common scenario was to find a property that needed work, move in and make the repairs over the course of a year or two and repeat.
I like how you avoided the question. The fact that you continuously support prop 13 here on city-data says it all, you support it because it gives you unfair tax subsidy at the expense of younger Californians. I don't blame ya....but at least own up to your self interest.
Just a return to the mortgage rates of the early 80's at 15% or higher will deflate prices across the board if low prices are the goal.. the supply of money must be trimmed.
Yes, but this isn't something individuals can do... If younger generations act collectively they can take everything back, but given the failure of political movements these days I don't think that is likely.....so one is left with what they can do at the individual level.
Quote:
Originally Posted by Ultrarunner
On the other hand... it seems to be policy to keep prices up and nothing like ultra low interest rates to drive prices... the old axiom of too many dollars chasing too few goods.
Yes, and who benefits the most from keeping prices artificially high? The boomers..... But this is at least something younger generations can control, they don't have to purchase real estate in inflated markets. They can rent or move to areas more friendly to young families.
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