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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 2:37:27 PM
From: Peter VRead Replies (1) of 306849
 
I don't understand why prices would be lower due if we lost Prop 13. Once you buy at a high price, your tax basis is locked in at the high price. If people were worried about taxes, they would not be paying so much.

Frankly, I think most buyers don't even consider the tax consequences, until the bill arrives.

And if you think that the govt. is going to lower taxes if we lose Prop 13, you are in a dream world.

Here's a quote from an article McMannis just posted, which points out the rationale behind Prop 13, even if you disagree with it:
"Even sadder is the situation of the families whose houses were re-done by Extreme Makeover: Home Edition. A couple of homes re-done as a part of the show are now for sale; their owners can't afford to pay the extra taxes assessed because of the improvements and added square footage."

Now these people's tax bill was increased by a remodel, not skyrocketing housing prices. But the effect can be the same, you have to sell the house.
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