alt Hacker NewsAnd don’t forget prop 13, there’s negative incentive for property to change hands and develop.
Replies
syspec • yesterday at 10:16 PM
Do you own your home? Here in Ca? You know that property tax is 1.4ish % and goes up by 2% a year, pretty much no matter what?
On a 1.5M house, that's starting at 17K a year and each year it goes up 2%, so it compounds.
That's 17k a year Just to stay in your own home.
People who don't pay property taxes here in ca, act like prop 13 means zero property taxes
➕ show 5 replies
Do people really think that if we revoked Prop 13 that other taxes would go down with the new money from property taxes?
Or do we think that property taxes would go up while other taxes stay put?
This feels like the argument at play when people criticize Prop 13. Not saying it’s good but California hasn’t ever cut taxes meaningfully and I’m not convinced raising property taxes would solve anything. California would still be expensive to live in.