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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: GraceZ who wrote (43756)10/27/2005 10:03:36 PM
From: Wyätt GwyönRead Replies (2) of 306849
 
They say, this is what I can pay a month so if I have to pay more in taxes every month, then I have to buy a cheaper house. This effectively takes them out of the pool of buyers for the comparable house at the same price with higher taxes. This puts downward pressure on price.

what you're forgetting about is the very large number of people in Clownifornia with low basis on their existing home and hence low taxes. such as somebody with a 2 million-dollar house paying a grand or two in property tax. if this person moves down the street (or even downsizes to a million-dollar house), they will face a significant stepup in basis and therefore taxes. so there is a lot of property withheld from the market, and this puts upward pressure on prices.
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