Has it really? The last time I looked at this, Prop 13 seemed to me to be a one-time aberation: property tax revenues have gone steadily up over the years since then, looking not unlike what they looked like before it. For a few years right at the beginning, it was lower, but it seemed to recover.
For me, I think it's not a terrible thing:
- Current buyers in this hot market get dinged
[In CA, sales trigger auto-reassessment at cost] - Long-time owners don't get crushed
How would you do property tax instead? My property taxes are about 6x what my neighbor's are, and I think they have a nicer house: but they've been there for over 40 years, and I've been in mine for 3. I think that's fair, don't you?
/jordan