The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Live2Sail who wrote (141652)	8/18/2008 2:18:29 PM
From: XoFruitCake	Read Replies (1) of 306849

"Part of the reason houses are so expensive is because of Prop. 13. If prop. 13 didn't exist, prices (and assessments) would be lower bring a more balanced situation." Huh?? Can you explain the reason behind your assertion? I always thought that Prop 13 move the tax burden from existing home owner to new home owner. Since mortgage is based on the combined expense of mortgage, property tax and insurance. Prop 13 move property tax higher for new buyer since it is based on higher housing price, new home buyer can afford less mortgage payment, hence depress the price of the housing market price. I would agree that assessments percentage of property tax will be lower since everyone is paying the same percentage to arrive at the same total tax revenue. But I don't get the assertion on housing price front...

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