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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Lizzie Tudor who wrote (12790)8/20/2003 11:55:41 PM
From: GraceZRead Replies (1) of 306849
 
You are missing the point, you should be mad that your government has raised taxes to such a level in your state. In aggregate, you all pay a huge amount of real estate tax, close to 9% state income tax and one of the highest sales taxes of any state. The biggest problem with Prop 13 is that it protected some while screwing others, so there weren't enough dissenting voices when it came to nixing new spending.... but you are all in the same boat now. You are all pointing fingers at each other and that kind of activity usually ends up with higher overall tax levels as each group tries to get some other group to pay their "fair share". What you need to look at is what did the government do with the freakin windfall they had in the first place?

BTW it isn't the usual thing for a house bought in the 1970s for 70k to be 5 million. My sister bought a house in a very nice neighborhood north of San Diego for that price in the 70s and those houses are selling in the 500k range today and it's less than 5 miles to a beautiful beach. Hardly enough to make someone feel like they won the lottery considering if one sold, you still have to live somewhere and if that somewhere is CA, you can't buy anything better for that price. The only way you can cash out is borrow back or leave the state. I do agree with you that Prop 13 should never have been extended to investment property. In my state we have a similar measure limiting real estate tax increases but you rent out the house, you lose the homestead exemption. Needless to say, we never experienced the kind of real estate inflation you have there even though we have similar growth limitations on property taxes, which is what leads me to believe that Prop 13 isn't as much a culprit as you think in terms of the ridiculous real estate inflation.
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