|
|
|
|
|
|
by epistasis
182 days ago
|
|
|
As the parallel comment said, this is probably inheritance, and the low tax basis can be passed to children and grandchildren. This was recently modified, due to Prop 19, so that only the first million of property value can escape fair taxation. Since it was passed, there have been two attempts to bring back the landed gentry aspect of Prop 13, and there is a third attempt under way: https://www.mercurynews.com/2025/11/30/third-attempt-to-repe... The example house used in the story was taxed at $1,300/year before inheritance, on a $2M home value. After inheritance, it's an annual $18,000 bill, discounted from something like $30k-$40k. |
|
|