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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: AK2004 who wrote (529132)	1/25/2004 1:01:02 PM
From: Lizzie Tudor	Read Replies (3) \| Respond to of 769667

there is a tax law called "prop 13" which essentially says your property taxes cannot be reassessed (to any meaningful degree) in CA. The voters created this initiative in the 70s when people were being pushed out of their homes due to appreciation of property and reassessments. So its a huge gravy train for these long time homeowners, they pay NOTHING for property taxes. This is the rub in the California tax equation. California on a per capita basis has LOW property taxes, because there is no incentive to ever sell a home you bought 20+ years ago. This is a hugely unfair system and I am against it but for now it is the law. So when you evaluate CA taxes overall you cannot take CURRENT new homeowner taxes and assume everybody pays that, they don't.

To: AK2004 who wrote (529132)	1/25/2004 2:01:49 PM
From: Kenneth V. McNutt	Read Replies (2) \| Respond to of 769667

re: But if you have lived in CA for 30 years like Warren Buffett you can live in a 4 million dollar house in CA and pay 2K property tax. that I do not understand but then again CA laws are so screwed up that I would not be surprised If anyone can find a way around taxation it would be Warren Buffet. I would suggest he has ownership of the home in some kind of trust or tied to his fund so he personally does not pay the tax. Otherwise impossible. Of course, maybe when he purchased it 30 years ago it was a lean-to and he failed to take out building permits for the 20,000 sq. feet of additions he has put on? Then again, maybe he is like Al the Gore and just happened to open his mouth and say the wrong thing to make a point. Do he and Soros belong to the same club of non taxpayers?? Ken