There's nothing California boomers love more than having obscenely low taxes due to Prop 13, while bitching about the consequences of Prop 13.
Prop 13 means that your property taxes are based on the purchase price of your home (with small capped annual adjustments), and not the present value of your home. There are people who bought their homes decades ago paying literally hundreds of dollars a year in property taxes on multi-million dollar homes.
Do y'all think Joe Rogan actually believes that stuff, or is it another case like Alex Jones, where he just says whatever he needs to get ratings?
I think you file a permit for anything it gets adjusted, right? Maybe they can ask my in-laws. They bought their house in SF in the mid 70's for $35k lol
If you expand your house footprint, you will get an increase in value of your home for the addition. If you remodel inside the home their is no increase in value.
You know I have like, zero issues with this? Not the biggest fan of the estate tax either. And don't get me started on unrealized gains.
It gets pretty annoying to be paying the highest income tax rate in the country because you're actually working a job, while some old fuck lives two blocks from the beach and spends their days petitioning the city council to block apartment construction and make the parking on their street permit parking only.
So take away their lobbying power, that seems to be the root of the problem. But the money they earned was taxed when they earned it. The home they bought was taxed when it was purchased. If they've done plant upgrades then tax them on that, but not on what someone may think their home is now worth.
I know, but GC mentioned unrealized gains. As for property taxes, mine get readjusted annually based on appraisal value. Not sure if that's a Massachusetts thing or by local municipality.
Ditto for mine. Congrats, the house you bought and have no intention of selling is now worth more even tho you've done nothing to it. Here's your new tax bill.
I mean, yeah. The solution to that is to vote for policies that keep home prices low, and therefore housing affordable for all. But people want to see number go up, so they don't have to save for retirement, and instead just squeeze the next generation on a house sale and retire to a condo somewhere warm.
The flip side is those who have had a home or property for generations and want to pass it to their kids, but get fucked by increasing property taxes they cannot afford because the area is the new 'up and coming' hotspot
Our property taxes go up every year but are capped at a % increase per year. So you'll see more taxes due to higher property values but the increase can be anticipated to some extent.