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Pastimes : Don't Ask Rambi
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To: Rambi who wrote (4229)11/2/1997 1:04:00 PM
From: epicure   of 71178
 
That assumes my house will appreciate to that extent. Let me tell you what happened here. These houses were built in 1969, the people across the street bought their's then for around 25k. When prop 13 passed it was worth about 40k. So they have had 2% a year increases on that ever since. Now their assessed at about 60 K (because with the taxes frozen at 2%, less than inflation, their values have increased by only ~50%). We buy in after the big jump in the 70's and 80's. We pay 242k when we buy. Our house actually decreases in actual value after we buy it, although the tax assessor tries to increase our taxes by 2% a year anyway. But I petition and they give up...for that tax year. Now, do I think my house will be selling for 10 times what I bought it for in 20 years? No. I'm not sure it will even double.
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