Quote:
Originally Posted by R Clark
Right but you have that little thing called what prop 13 ?
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Prop 13 basically says the county can't raise property taxes equivalent to their value today.
So for example, someone who purchased their home in 1993 for $150,000 pays property taxes based on that purchase price plus modest and incremental increases in assessed value each year. In this case, the homeowner paid approximately $1,800 per year in property tax and 27 years later, are likely paying somewhere around $3,000 a year or less today.
Without Prop 13, the property tax on such homes would be closer to $11k per year on the low end and more than $20k on the high end, something those people most likely cannot afford.
The result would be catastrophic, with tens of thousands, if not millions, unable to afford their property tax and in the process, either lose or be forced to sell their homes, something no one wants to see happen.