[russellbeattie]

I've heard the other side of this argument - basically the original argument focused on fixed income retirees. And I can see the logic and sympathize.

The law simply needs to be updated - though it's basically political suicide to attempt it - to only include primary residences of a certain relative value. If you have three houses and a mansion, you should be paying way more tax.

[yardie]

If they wanted it to apply to fixed income retirees they could have applied it to just fixed income retirees. This law applies to all land and property owners and the more you own the better you benefit. They may have used retirees to sell this scheme but it's not what was sold.

BTW many other states have Homestead Exemption that only applies to homeowners, retirees, widows, or veterans. Unlike Prop 13 they were designed to specifically help those groups while making sure the state was still able to collect tax revenue from those not in that group.