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Non-Tech : Deflation
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To: Ilaine who wrote (275)4/29/2004 9:52:55 PM
From: JF Quinnelly  Read Replies (1) of 621
 
The tax is figured from the price you paid for the house. Thus the low rate isn't transferred to the new owner.

During the inflationary 70s California property taxes escalated in lock step with the prices of housing. Since the higher prices could only be realized if you sold, they were mostly illusionary to the average homeowner- but the taxes, recalculated yearly on the inflated values, were far from illusionary. Retired homeowners on fixed incomes were being hit especially hard, because their incomes weren't rising anywhere near what their tax bills were. Thus Proposition 13, which had been languishing for years, found a very receptive audience and passed. Now your property tax can only go up 2% per year, and is based upon the value of the house when you bought it.
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