[lbo-talk] Prop 13

Michael Perelman michael at ecst.csuchico.edu
Mon Jun 27 18:48:55 PDT 2005


Of course, one major problem is that many private homes turn over. Jordan's neighbor is an exception. Business property, even when it is taken over in a merger, does not get reappraised.

On Mon, Jun 27, 2005 at 06:41:42PM -0700, Jordan Hayes wrote:
> > Like the Proposition 13 that has nearly
> > ruined your state?
>
> 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
>
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-- Michael Perelman Economics Department California State University Chico, CA 95929

Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu



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