Home prices UP nearly 2% nationally…..once again frustrating crash predictors.

[KrisZ]

1) IMO, all self sustaining California residents should try and insulate themselves from California's overspending. Prop 13 is a means to accomplish that, which is the very reason California's current political orientation wants to abolish it.
2) When a person buys a home they know how much the property taxes are and budget their home purchase accordingly. Maybe...

In states without Prop 13, how can a person budget home ownership costs when property taxes may double or triple in just a few year's time because a bunch of wealthy California or New Yorkers move to town and disrupt historical home prices?

Remember when there was a proposal to tax unrealized capital gains on stocks still owned but not sold? Remember Wall Street's uproar over that? Isn't taxing a homeowner based on unrealized gains on a home they aren't selling the same thing?

Scott

There aren't many things that California's gov gets right, but prop 13 is definitely one of them IMO. It's exactly like you said, protects the owners from being taxed on unrealized gains.

 

[KrisZ]

Don't the homeowners have the ability to protect themselves by the officials they elected?

Look at the boom states like Texas, Utah, Florida and you tell me.

 

[slo town]

I lived in California when this passed. Here is the bottom line-many, many people were on the verge of losing their homes due to taxes, specially the elderly.
If you move in to a new home-the taxes are not a surprise. And I believe there are circumstances where you keep your old tax base.

https://assessor.saccounty.gov/LowerMyTaxes/BaseYearValueTransfers/Pages/default.aspx

In California you can keep you old property tax base in a couple of ways.

1) You can sell your home and move into a less expensive home and carry over that tax base from your old home to the new one (assuming you've benefited from Prop 13 in your old home, meaning they're less than those of the new home).
2) You can sell your home to a family member and they can keep your old property tax base.

In either case this is a one time only opportunity.

Scott

 

[CKN]

Look at the boom states like Texas, Utah, Florida and you tell me.

Taxes are raised every year in Utah. The elementary schools are education edifices are go well beyond what is needed-IMHO. They are not cheap. This is an elementary school.

 

[SC Maintenance]

Taxes are raised every year in Utah. The elementary schools are education edifices are go well beyond what is needed. They are not cheap. This is an elementary school.

View attachment 298724

Well at least there building some. Here they simply pull up more portable trailers, all while issuing thousands of building permits and trying to figure out how things might get better.

Looks like maybe I should move to Utah?

 

[Dave Hess]

And yea the used car market is going to crash as well. Nonsense. Another Youtube expert-OK. There are Youtubers that have said property is going to crash for years-and it hasn't happened.

It takes time for the forclosures to happen.

Covid and recent presidential election postponed all these foreclosures.

 

[CKN]

It takes time for the forclosures to happen.

Covid and recent presidential election postponed all these foreclosures.

Friends shouldn't let friends watch Youtube videos. I am not watching it. Don't wait for real estate to collapse. You will be waiting a long time. If "your guy" says different-he is an idiot.