Quote:
Originally Posted by Meloman
So what happens to the person who buys a home and eventually retires with a modest income at 70. If they live in a nice neighborhood that went up in value over the years you're advocating they need to hike up the property tax to the point where the retired 70 yr old would have to sell the home and downgrade. all became the neighborhood went up in value over time . The home may be worth more but that doesn't change what the owners income level . Once the home is sold they would need to pay capital gains on the profit but as long as they live there they shouldn't get fleeced on property tax.
Rental/Commercial property I can understand your point to an extent but when applied to a regular residential owner I don't agree.
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Most every other state does that. Value is reassessed and you are taxed at current value, not purchase value. Surely you aren't suggesting that California has magical 70 year olds that the rest of the country does not?
Now granted, they couldn't just come out of the blue and raise the property tax. California has too many other taxes that are meant to help balance that out. A sudden raise that nobody planned for would be disastrous.
With that said, I am very rarely in favor of raising any taxes. :-)