[quisxt]

Whether or not that is the case, the initiative immediately cut property tax income by 57(?)% and made it much more difficult for the state to raise money by increasing taxes. That's not necessarily a bad thing, but you can't lower taxes without also decreasing spending.

As far as the problem being obvious to "everyone not in Sacramento," clearly you are wrong because here we are, and the voters of California played an active role in bringing us here.

[gscott]

The home value is reset when a house is sold. There has been a lot of buying and selling lately in California.

I have a friend who recently bought a house and his property taxes are like rent, it is just that expensive. He could rent a 1 bedroom apartment with his property taxes.

Money is coming in but as you said, too much money is being spent (through ballot intiatives (high speed rail for example) and the legislature gone-wild. But I believe that the gone-wild days have come to an abrupt end and mostly thanks to Schwarzenegger who has nothing to loose by being rational.

[donaldc]

I have a friend who recently bought a house and his property taxes are like rent, it is just that expensive.

Yes, his property taxes are probably higher than they would be without Proposition 13, because he's subsidizing those around him who have owned their homes for twenty or thirty years, and aren't paying their fair share.