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In response to "What does 13 do?" by Will Hunting

limits annual property tax increases to 2% of the original purchase price

Posted by pigby (aka chris) Jan 29 '09, 18:35

basically guaranteeing a bankrupt government because it can't tax the real value of the most valuable real estate in the US

Responses:

Okay, that's what I figured it was. - Will Hunting Jan 29, 18:37 6
- the hilarious part is all these cratering values means everyone who buys low is guaranteeing even more lost revenue for years to come -- nm - pigby Jan 29, 18:39 5
  - Except doesn't the local gov come out and reassess property values every set number of years? -- nm - Stephen Jan 29, 18:43 4
    - In Illinois it's 3 years. And right now the current asseements are based on the realty bubble prices. - the liioulu with tiny planes Jan 29, 18:47
    - If your tax increase cap is on your original purchase price, that won't matter. -- nm - TFox Jan 29, 18:45 2
      - I'm not sure if that's the case -- nm - Stephen Jan 29, 18:56 1
        
        I mean, it says exactly that 5 posts up. That's what I'm basing it on. -- nm - TFox Jan 29, 18:57
I like these laws though. Retirees get creamed and lose houses because they get taxed out of them while on fixed incomes. -- nm - Redmond has a particular set of skills Jan 29, 18:36 13
- Small problem in comparison to the massive budget issues that arisse from the legal-defined limitations. - Will Hunting Jan 29, 18:38 6
  - The only thing keeping me in my house is the fact the government has limits to the amount my taxes can increase. - Redmond has a particular set of skills Jan 29, 18:40 5
    - And right now, the state has very little ability to raise funds necessary to provide for the common good at large - Will Hunting Jan 29, 18:43 4
      - Jacking up taxes on people already struggling to pay their mortgage doesn't sound smart in these "times of true need". - Dr.Vermin Jan 29, 18:55 1
        
        If the value of the home is jumping 15% a year (not uncommon the last 5), but you have a cap of 2%....you've just destroyed your IM of taxing value. -- nm - Will Hunting Jan 29, 18:57
      - I used to live in California. They have ever possible tax you can imagine. They can raise sales tax rates, Income tax rates, only property is capped -- nm - Redmond has a particular set of skills Jan 29, 18:45 1
        
        Usually if the tax is capped in one area, it gets raised in another. -- nm - the liioulu with tiny planes Jan 29, 18:47
- protections can be put in for cases like that without f'ing the rest of us in the process -- nm - pigby Jan 29, 18:37 5
  - Take out the last 3 years, real estate values were going up faster than incomes. -- nm - Redmond has a particular set of skills Jan 29, 18:38 4
    - That is going to happen sometimes. Not everything is indexed to the "cost of living". -- nm - TFox Jan 29, 18:41 2
      - That's why I am more of a fan of consumption taxes. -- nm - Redmond has a particular set of skills Jan 29, 18:42 1
        
        Same here. If we were to increase sales tax I still have the option to buy or not, in most cases. Repealing Prop 13 would put me at the mercy of the - MojaveMeg Jan 29, 18:55
    - yeah, speculators blew up a might bubble. none of which was captured during the boom times because of Prop 13 -- nm - pigby Jan 29, 18:41

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limits annual property tax increases to 2% of the original purchase price

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