With prop 13, the burden of paying for infrastructure and services provided to you and your neighbors falls to new generation of owners who pay 5 times in property taxes than their neighbors. This is unfair and is absurdly regressive.
Most other states regularly reassess the property of your home for taxation purposes and many have mechanisms to reduce tax liability of people living in their homes(vs renting them out) or seniors.
In california however due to prop 13, both the state and the city are forced to find different ways to pay for their costs, such as raising sales tax(which went up significantly since passing of prop 13 in 1978) or passing local bond measures to pay for schools, sewage etc.
The only people who win are those who won a lottery of being able to afford a home in CA 10/20/30 years ago.
> With prop 13, the burden of paying for infrastructure and services provided to you and your neighbors falls to new generation of owners who pay 5 times in property taxes than their neighbors.
Not as much as you seem to think. California’s nominal property tax rates are low (also due to Prop 13), so property taxes start low when you buy and get lower over time. The things that most people pay property taxes for in other places are paid for out of other local taxes, or redistribution of state taxes (e.g., sales tax) revenue to local governments.
> Most other states regularly reassess the property of your home for taxation purposes
So does California, annually; it just limits the annual increase of the assessed value.
> With prop 13, the burden of paying for infrastructure and services provided to you and your neighbors falls to new generation of owners who pay 5 times in property taxes than their neighbors.
At first yes, but over time you become one of the people who pays relatively less compared to new buyers.
Nobody won a lottery 10 , 20 or 30 years ago.
If you buy a home today, then in 10, 20, 30 years time people will be saying you won the lottery.
You're turning "fuck you, got mine" into a virtue.
No one is saying that if someone makes a bunch of money, they don't get the money. Your assets go up, that's yours. We're just saying that they shouldn't also have the government reducing their taxes so other people can pay them.
> You're turning "fuck you, got mine" into a virtue.
Can you explain how?
I’m not turning anything into a virtue.
I’m just stating the fact that the deal has been the same for everyone.
You seem to be trying to change the deal to make it even more onerous to own property.
> government reducing their taxes so other people can pay them
That just isn’t what you are saying. Prop 13 doesn’t reduce people’s taxes.
It only limits the rate at which they can be increased.
You want taxes on existing property owners to be increased so they can no longer afford to live there, and can be replaced by people who have more money.
>You want taxes on existing property owners to be increased so they can no longer afford to live there, and can be replaced by people who have more money.
Yes, people who want to build more housing and lower prices in the long term.
>At first yes, but over time you become one of the people who pays relatively less compared to new buyers.
Wow, if this is intended then this is a literal ponzi scheme. I always assumed that it was an unintended side effect but people are actually banking on this? That's crazy.
Most other states regularly reassess the property of your home for taxation purposes and many have mechanisms to reduce tax liability of people living in their homes(vs renting them out) or seniors.
In california however due to prop 13, both the state and the city are forced to find different ways to pay for their costs, such as raising sales tax(which went up significantly since passing of prop 13 in 1978) or passing local bond measures to pay for schools, sewage etc.
The only people who win are those who won a lottery of being able to afford a home in CA 10/20/30 years ago.