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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Cactus Jack who wrote (204060)5/26/2009 10:53:05 AM
From: ajtj99Read Replies (2) of 306849
 
In 1978 we had runaway inflation. Assessments were going up to match the increases in the values of the homes due to inflation. People who bought houses years before and had retired were being taxed out of their houses in California.

Prop 13 was Harold Jarvis' populist answer to this issue, and it was just as wrong then as it is now.

Historically over the past 110 years housing has appreciated on average in line with the CPI. Indexing the assessments to the CPI would have been a much better method. Combined with an annual cap and a catch-up provision, it could have solved many of the problems associated with the inflationary increases in taxes.

California is completely disfunctional. They may need to amend the bankruptcy code to allow a state to declare bankruptcy.
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