some states have these fees and some have personal property taxes, seems to work out about the same.
Insane CA DMV Registration Tax
- Thread starter paulo57509
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All are under the 1% prop 13 rule if property gains in value. But if property falls in value, the property tax also falls. If it falls 90%, you get the 90% reduction in tax. It hasn’t done a lot of falling, last time was end of 2008.
So if dad bought for 50,000, he will always see the increase unless home value drops under 50. The 1% increase is on the assessed value, so 50,000 is assessed 50,500.
It’s totally unfair prop 13, but benefits those who bought low. In the late 70’s it was a good law, no one expected 25,000 could turn into 5 million and that’s pretty common.
Prop 19 is another one that is fair to some but largely unfair to many. It’s a disaster.
On CA registration for all cars fall to the minimum fee after 11 years I think, without looking it up how many years. New cars pay a lot more. I didn’t think of it a couple of times and all can do is wait or sell and buy a cheap used car.
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Overall Jarvis Gann has benefitted me, no doubt. The problem for many seniors is, if rates are tied to assessment the those who bought, made payments, paid their taxes, kept the place up with the goal of a reasonable retirement can get killed in high property tax.
Of course their heirs just might inherit million$...
It’s a good prop IMO and I wish more states adopted this approach to property taxation. It promotes long term home ownership and discourages from flipping.
You are quite mistaken that people in the past bought “low”. Doesn’t matter which decade you look at, CA market has always been high when compared to the rest of the US. They likely paid quite high for that time period.
The same could be said about today. Buy that $5mil home and hold it for the next 50 years and enjoy prop13 protection.
Prop 13 has saved taxpayers in California billions. As it currently stands, California is the 5th highest tax burden state in the nation, but the vampires are never happy, and want to repeal 13. If that ever happens, I'll almost certainly leave the state.
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I believe that you're making sense. For example, my cousin bought in Boston in 2002. He said he won't be done paying until he's almost 70. Sure his house is worth 2 mil, but my other sneaking suspicion is that it simply all adds up, the cost of going to a restaurant and everything else that comprises a cost of living. I live in the Phila. metro area and I feel things are cheap here. I go to DC or NYC and it's sticker shock. Also, there's a myth imho when it comes to salary, that somehow, the salary makes up for the cost of living. If all of this weren't the case, why would this thread even have been started lol
Let's just get real and provide real examples. In 2019, we were paying $8 ($3 coupon from ACME) for a large, cheese pizza, of excellent quality. At that time, it was $21 in CT and $19 in NYC. So, the person in NYC and CT just gets used to it, right? We liked (not anymore) Vietnamese pho, it was $9 for a huge serving here. Same in CT was $16, and small. Now, imagine Calif.
Sure, some areas of CA have filthy expensive real estate. But it wouldn't be this way if buyers couldn't afford it. Opportunity abounds here.
Having said that, the parents around here generally feel their children, even with good degrees, will not be able to live here.
IMO, it is too high. My friend who will be 72 in January, pays $1600 to rent a sorta finished garage in an average area of San Jose. That's cheap.
Having said that, the parents around here generally feel their children, even with good degrees, will not be able to live here.
IMO, it is too high. My friend who will be 72 in January, pays $1600 to rent a sorta finished garage in an average area of San Jose. That's cheap.
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I had made a joke....I saw a house for sale in Fife, WA, 400 sq ft, that looks just like what my wife's cousin built himself. Just that his is a garage, and it doesn't have hvac nor plumbing. It cost him like $12k in materials and took him 2 years. I texted him if that were in WA it would be $400k.
Food for thought....I look out of my bay window, and the homes across the street were built 1925 and are dutch colonials. Likely 600k where I live. They are easily 2 mil. in suburban Boston. Many without upgrades have window AC units.
I say, the person in the 2 mil. home with window AC units, and likely radiator heating, is necessarily more uncomfortable all year round, than a person with a 500k house and 2020 HVAC. Everyone has their own reasons for wanting to do what they want to do. In this specific example, it's location. They can't afford 5 mil+ to be in a modern house in the same location, so they're in a 1925 house.
edyvw
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Found out later.
Not sure what is an issue?
edyvw
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That area had real estate problems for a long time.
But, what really made issues worse is COVID and remote work. People with obscene amounts of money started to move from NYC, etc., to nice mountain or beach towns. Today the worst real estate crisis is in Boozman, MT. The median price is $716,000, which is comparable to Monterey, CA, in 2017. Why? Mountains, nature, and Boozman is 2nd or 3rd home for many. However, that really, REALLY screws over people who live there.
Steamboat, CO, while it was always posh ski resort, became unlivable after COVID. Today they cannot hire HR manager in city govt. even though they offered around $170,000 salary. No one applied.
The number of people I met at ski resorts here that are living between Breckenridge, Frisco, Dillon, etc. and NYC, LA, Chicago, etc. is becoming really annoying. They are literally chasing away people who work in service industry, ski resorts etc.
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I don't think it's anything new, what's the term, skin in the game? As a junior high schooler and high schooler, I skied at Killington VT every weekend. This is when the peak lift was a double. The friction between locals and leaf peepers was there, but nothing near what it is today as you describe. What's the solution, to keep people out? I think as much as we complain, it would seem that life is good. We just need to be in a situation where we're in our own skin.
Yes, it is expensive here. There is a reason for it. I tell people if you can't make it here, you can't make it anywhere. Opportunity abounds.
The economic numbers bear this out. Is it easy? Of course not.
But you have a case.
In my friend's case, he thought he would ride the Apple gravy train forever. He used to have founder's stock.
edyvw
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There? Yes.
Boozman, MT? No!
It is tricky. What does make it means? And not everyone can make it to the point where they can live in SF. But those who do make it, still need plumbers, ambulance drivers, police officers etc. That si why real estate crisis is so problematic.
The good service pros do very well here.
Regarding Bozeman, everything changes. You grow or you go. That's capitalism.
edyvw
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where do good service pro live? In SF? They live east of Fremont etc.
and what does “make it” means? For a lot of people “make it” means public service. First responders, military, other government officials that do everyday life safe and livable for everyone, including those that “made it.”
You can have tens of billions of $, but if there is no one to check safety of water, well …
I’m not sure about that. Perhaps the ones that have their own business do, but I’m not so sure about their employees.
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As mentioned my wife has a bff who used to live in Daly City. It was a home that shared a wall with another home. This was a very long time ago and her bff worked 3 jobs (may sound like a cliche but she had to).
Now, when I was there, the neighborhood seemed sketchy and as I said if that were where I live it might be $150k tops, not $900k. She never bragged as there’s nothing to brag about, it was tough to get by but she did her best, as we all do. She got the **** out of Dodge and moved to Vegas.
The Calpine power plant operators in the Silicon Valley have a tough time, same with several other utility operators & technicians. I do know that the Calpine guys were making about 175/yr right around the start of CV19 stuff. Most certainly not enough to be comfortable.
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Not to make fun of anyone’s profession but why should these Calpine guys make less than lifeguards in LA County? I would think the latter has an easier time. Not easy, just not as stressful.
