Property taxes going up would be a negative feedback on property values. Perhaps part of why property values are so absurdly high is because there is little incentive to sell, which would add more supply to the market
There is actually a negative incentive to sell, because your property taxes will almost certainly go up if you buy another home.
It's gotten to the point that we have ballot amendments carving out exceptions for senior citizens, so they can take their old property tax rates with them when they buy new homes, but only if they move between certain counties that have a reciprocity agreement, blah blah blah. Clearly not the kind of policy a sane system would result in.
If you've owned a home in California for more than about 20 years, and you aren't in one of the senior citizen categories that is exempt from tax increases, it just doesn't make sense to sell your home unless you leave the state.
> It's gotten to the point that we have ballot amendments carving out exceptions for senior citizens, so they can take their old property tax rates with them when they buy new homes, but only if they move between certain counties that have a reciprocity agreement, blah blah blah. Clearly not the kind of policy a sane system would result in.
And there is another ballot prop on this years' ballot (prop 19) being pushed by the Realtors' Assc. to expand the '86 law to include all properties within the state, rather than just county, and to cover up to 3 moves instead of 1.
That’s a scam like most of the other propositions. Most of this year’s propositions are poison laced candy. They offer you one thing and take away something far more valuable.
Go read the whole proposition. They supposedly let you do it 3 times. That is the candy. Too bad many counties already let you do it once. So you haven’t gained much if anything. The poison is transfer to children resets the property tax for anything over a million. Now read each proposition and find the candy and then find the poison.
It's gotten to the point that we have ballot amendments carving out exceptions for senior citizens, so they can take their old property tax rates with them when they buy new homes, but only if they move between certain counties that have a reciprocity agreement, blah blah blah. Clearly not the kind of policy a sane system would result in.
If you've owned a home in California for more than about 20 years, and you aren't in one of the senior citizen categories that is exempt from tax increases, it just doesn't make sense to sell your home unless you leave the state.