The idea that California property taxes are too low is completely wrong, they are too high.
In Vancouver, my family’s house was paying around $6000/yr in property taxes and the house was worth 1.4M only because the housing market in Vancouver has been crazy for decades.
My friend in Toronto pays $3800 on her $700k single family home.
My house in the Bay Area I bought for $1M and my taxes were $12,000 and in the last few years it has gone up to $15,000.
The idea that Prop 13 is somehow damaging CA is false. Imagine if you were a retiree in the Bay Area and your property taxes were indexed you the house price? It would drive out too many senior citizens and low income families because house prices have double in the last 7 years.
Also before you say that Prop 13 has a negative effect if you look at the actual house purchases, in my area at least half of the houses have turned over in the last 10 years meaning that the taxes being paid were reset drastically. Prop 13 protects homeowners by keeping consistency but doesn’t stop them from selling.
So that's your anecdote - and now mine: the building I live in is worth well over $5 million, and the property tax is currently $3500 a year.
Edit: just to add - I don't know where people get the idea that we need to evict people from their homes over property taxes. Just put a lien on the property for the tax bill. This isn't rocket science.
Again, no need to evict people. The state will get its money someday. For shorter term expense needs, they can issue bonds referencing that lien as the collateral. Everyone dies eventually.
The issue is, someone who owns a house they bought for 260,000, 30 years ago, isn't paying tax on the current valuation of 1.4m, they're paying a much much lower rate because of Prop 13.
In Vancouver, my family’s house was paying around $6000/yr in property taxes and the house was worth 1.4M only because the housing market in Vancouver has been crazy for decades.
My friend in Toronto pays $3800 on her $700k single family home.
My house in the Bay Area I bought for $1M and my taxes were $12,000 and in the last few years it has gone up to $15,000.
The idea that Prop 13 is somehow damaging CA is false. Imagine if you were a retiree in the Bay Area and your property taxes were indexed you the house price? It would drive out too many senior citizens and low income families because house prices have double in the last 7 years.
Also before you say that Prop 13 has a negative effect if you look at the actual house purchases, in my area at least half of the houses have turned over in the last 10 years meaning that the taxes being paid were reset drastically. Prop 13 protects homeowners by keeping consistency but doesn’t stop them from selling.