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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Think4Yourself who wrote (203856)5/23/2009 7:22:50 AM
From: saveslivesbydayRead Replies (3) of 306849
 
Prop 13 has been the problem all along. I grew up in L.A. and watched the republicans push that through.

It's an absurd limitation on RE taxes:

Under Proposition 13, the annual real estate tax on a parcel of property is limited to 1% of its assessed value.
This "assessed value," however, may only be increased by a maximum of 2% per year, until and unless
the property undergoes a change in ownership. At the time of the change in ownership the low assessed value
may be reassessed to full current market value which will produce a new base year value for the property,
but future assessments are likewise restricted to the 2% annual maximum increase of the new base year value.

en.wikipedia.org
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