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Capitalist values could include wealth defense, as you have alluded to, or they could include free and fair markets.
In a free and fair market, it could be argued that the tax basis of an asset should be calculated consistently, without favoring anyone. A political measure intended to privilege a certain group would be seen as a market distortion by free marketeers.
Capitalist values could also include concerns for efficiency and productivity. Parts of California are performing below what they could because the housing market has been manipulated by incumbents. The incumbents are usually less productive than the newcomers, hence the need for manipulation.
I've been to places where homes are run down... and it was explained to me that even painting your house will increase property tax.
Family friend is retired county controller... he let me know his old friends in the Assessor/Tax Collector Offices were throwing a party as Prop 19 passed... they were jubilant...
There are a lot of small business property that will be greatly impacted... and some was yet to be determined.
The small market in Oakland where the immigrant family lives above the store... now what happens... the property is mixed use and the whole family participates...
Inherited Property often comes with debt... but at least Property Taxes were in check for children.
My neighbor lives in the home she and her husband built in 1959... she is 106 years old and her wish is to die there.
She only has social security and took out a reverse mortgage which has been a godsend to her.
Grandma's only heir is a single 27 year old grand daughter who has been taking care of her daily...
The home was left to Grand Daughter...
When Grandma passes the property tax which was not an issue now is...
Tax is now 3k and could be 15k...
Individuals plan and make arrangements and it all changes in the polls...
Wow, grandma was pretty old to have a new granddaughter at age 79. But if her granddaughter inherits and lives in the house as her principal residence, the property tax won't reassess. It's only an issue if granddaughter chooses to keep it but not live in it.
Inherited Property often comes with debt... but at least Property Taxes were in check for children.
My neighbor lives in the home she and her husband built in 1959... she is 106 years old and her wish is to die there.
She only has social security and took out a reverse mortgage which has been a godsend to her.
Grandma's only heir is a single 27 year old grand daughter who has been taking care of her daily...
The home was left to Grand Daughter...
When Grandma passes the property tax which was not an issue now is...
Tax is now 3k and could be 15k...
Individuals plan and make arrangements and it all changes in the polls...
Yes, In 1996 I bought the family home in San Francisco from my mother when my father passed away. Because my mother sold me the home the property and I filed the necessarily paperwork I kept the same property tax.
And Thank God that I did. I rented out the home for the next 20 years but because my property tax was low I was able to off-set the never-ending costs involved in a city where renters rule the roost.
Wow, grandma was pretty old to have a new granddaughter at age 79. But if her granddaughter inherits and lives in the house as her principal residence, the property tax won't reassess. It's only an issue if granddaughter chooses to keep it but not live in it.
Hard to say... the values the last two years are off the charts... this 1960 original rancher of 1800 square feet could be pushing a 2 million in a few years if the last two years are any indication.
Grandma was still driving her 1964 1/2 Mustang she bought new at 100 and survived the pandemic of 1918... so she has seen a lot over the years...
The hardest was burying her son 3 years ago... he came late in life as she thought she could not have children and they were very close...
Her only child and only Great Grandchild are gone... just one grand daughter and one 4 year old Great Great Grand Daughter.
With Grand Daughter taking care of Grandma she has been out of the workforce for the most part as Grandma needs more care...
I realize there are probably not a lot in this situation but prior to Prop 19 everything had been worked out.
Grandma had a bad spell and was in ICU 3 weeks in January... had she passed it would have been a mute point in this situation... as parent/grandchild absent parent would escape reassessment.
I visit from a distance yesterday... she is still very much with it but frail...
Prop 13 will be whittled away over time. The State wants the money. It's a huge untapped source of tax revenue.
The passage of Prop. 19 showed the way it to do this. Slowly slice up Prop. 13 through ballot measures.
Offer a particular carrot to voters in exchange for another slice of Prop. 13.
Maybe it will, maybe it won’t, but as long as the owner occupancy rate is over 50% (which it is), you have people aspiring to be homeowners, and smart renters who know their rent will go up more so than usual I don’t see the core of it being changed? Anyone with half a brain knows it’s the best thing going, and reassessing an older property isn’t going to lower a new homeowner’s liability.
As for prop 19 I’m hoping everyone got their kids on title before February 15th? I talked to a few escrow officers I know and they had to turn away tons of people inquiring doing this for them, as they were already busy with their old clients doing this. It didn’t help that the recorders offices were all by appointment to get it filed.
Maybe it will, maybe it won’t, but as long as the owner occupancy rate is over 50% (which it is), you have people aspiring to be homeowners, and smart renters who know their rent will go up more so than usual I don’t see the core of it being changed? Anyone with half a brain knows it’s the best thing going, and reassessing an older property isn’t going to lower a new homeowner’s liability.
As for prop 19 I’m hoping everyone got their kids on title before February 15th? I talked to a few escrow officers I know and they had to turn away tons of people inquiring doing this for them, as they were already busy with their old clients doing this. It didn’t help that the recorders offices were all by appointment to get it filed.
I know a few unable to make it happen...
Also a few families that could not agree... as in some wanting to liquidate and take the cash and others wanting to continue running the family business.
Maybe there will be a repeal Prop 19 on the ballot one day???
I'm in an LA "micro" neighborhood that has distinct boundaries. I admit to being a little obsessed looking at sales in the area. The houses and lots are pretty similar though it is not a new or planned community, no HOA. Just an old niche of the city that maintains its character. Sales are pretty rare. Prices reflect that.
Whenever one comes on the market I look at the tax history and it's always the same...paying like $3000 year after year then BOOM jumped to $7000 in like '05 and then BOOM $9000+ in 2020.
Are there published numbers that show the effect of the last couple of booms on sudden prop tax resets and the gross receipts that are brought in accordingly?
Whenever one comes on the market I look at the tax history and it's always the same...paying like $3000 year after year then BOOM jumped to $7000 in like '05 and then BOOM $9000+ in 2020.
Are there published numbers that show the effect of the last couple of booms on sudden prop tax resets and the gross receipts that are brought in accordingly?
Are you saying the tax rate jumped after the house was sold in those years? It doesn't make sense that taxes went up that much if the house stayed in the same ownership. We've been in our house since 1997 but I can only find online tax info since 2011. In ten years, our property tax has increased by a whopping $127 and is now about $2500.
Are you saying the tax rate jumped after the house was sold in those years? It doesn't make sense that taxes went up that much if the house stayed in the same ownership. We've been in our house since 1997 but I can only find online tax info since 2011. In ten years, our property tax has increased by a whopping $127 and is now about $2500.
No not the same ownership, sorry I should have made that clear.
I was just thinking about how the last 2 booms reset the taxes for a lot of homes that sole for like $1xx,xxx in 1998 then $4xx,xxx in 2004 and now $9xx,xxx in 2020.
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