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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Lizzie Tudor who wrote (9010)2/18/2003 9:39:27 PM
From: SpekulatiusRead Replies (1) of 306849
 
Prop. 13 -
I hear a lot of complaints from the city officials about Prop. 13 and I don't think it's justified. Here in the North Bay most houses have increased by 60-80% during the last 5 years. However despite Prop. 13, people are still buying and selling houses, adding 2nd units etc. i don't see a strong impact of Prop. 13 on mobility and i'd venture the guess that the property taxes have increased much more than inflation or salaries here.
Sure there are a few LT owner who pay very little property taxes, but the majority of people still move every 7 years or so.
As far as the "free ride" of LT RE owner is concerned - well many people have enjoyed free rides. You did mention that you paid for your RE through AOl stock -supposedly these were stock options. If so, I could argue that you have enjoyed a free ride on the back of common stockholder right?

For me Prop 13 is simply a vote for less taxes - there is no reason the city should get 20% more taxes, just because the property appreciates by 20%. It sure is a somewhat extreme measure to freeze the taxes on a property as long as ownership remains the same, however i gladly take this extreme over the other extreme of funneling an ever increasing windfall of tax dollars to the city.
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