Well that?s why the system can?t be fixed the voters and residents of California don?t want to give up the low property taxes. But the high fees/other taxes the state charges businesses and residents to try and pay for the shortfall (it is still not enough) drive new businesses and new residents away as they are the ones paying for it.
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Originally Posted by Meloman
Gotcha. I don't know, maybe I'm just bias cause I live in California and am also a property owner but I like the property tax the way it is.
In your scenario about buying a 100K home that is being rented at the new 10 mill price you're leaving out the fact the owner still pays income tax. Seems like in other states the taxes will just be that much higher. Basically your cost of doing business (property tax) keeps increasing to the point you may one day have to sell.
While I do think lots needs to be fixed here, I personally like the property tax part .
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