Quote:
Originally Posted by PoorLurker
Around here we have something called Prop 13 which protected homeowners from property taxes rising too high. Someone who bought in the 70s for $30k pays a limited increase on property taxes each year. It helps many older people who now live in $800k-$1mm homes pay ~$2k/yr in taxes vs. $10k/yr. I think they are able to transfer that to one home purchase as well.
It does have a societal cost as it lowers tax revenue for the local government agencies though.
Keeps grandma safe though. I think it can be inherited too. (Might explain why so many long term residents can afford to live in Los Angeles)
Where would she want to move? Always curious to see where people feel the grass is greener. Your place must be nice if you are in the bay and have a yard big enough for an outdoor kitchen in excess of a small round weber, haha.
Condos still seem pricey out there but with the million saved you can find a nice place to suit your needs. Or find a rich buddy who needs a house sitter three days a week for one of his properties that sit vacant 99% of the year, haha.
I wonder when big tech will step up their game and actually build "dorms" for employees. They've done well with creating a work living environment with games and free food. It seems that housing is next.
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Prop13 is great if you’re in your house forever, but not if you’re buying. I’m still finding it hard to believe that local government is hurting with newer homeowners and what they have to pay based on the new property values. Almost seems like it’s reduced the overall number of homes on the market which has artificially driven up prices so the new buyers are sorta screwed. Looking to move out of CA because property tax is so ridiculous on top of sales, income and every other tax and law.