What $850k USD buys in Redding, CA

[CKN]

$8k in property taxes isn't too bad. But those high ceilings, wouldn't that be a bear to heat in winter? Single level living though, that is nice. No basement? they must do things differen there.

This is on 3.92 acres? maybe it includes some area that wasn't cultivated. Must have a sprinkler system in there, with that kind of green.
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They don't do basements in California-generally.

 

[Boomer]

Like the guy says on "Barnwood Builders, "Its gooder than chicken!"

 

[MVAR]

lol the proposed wealth tax kicks in at a billion dollars in assets, I don't think anyone with a billion dollars is buying that little shack.

Starts at a billion dollars net worth. If it passes, can be lowered at anytime with a 2/3 vote in the legislature. There is a current 75% supermajority so I wouldn't be too confidant about it staying at that.

Is that current or what the new buyer will pay - ie prop 13 terms?

House will be reassessed after the sale. Prop 13 protects the percentage of increases the government can raise your property taxes every year. The longer you own the better for you. Also makes it easier for state & local governments to predict property tax income (not that they know how to maintain their budgets but that's another topic).

 

[GON]

Starts at a billion dollars net worth. If it passes, can be lowered at anytime with a 2/3 vote in the legislature. There is a current 75% supermajority so I wouldn't be too confidant about it staying at that.


House will be reassessed after the sale. Prop 13 protects the percentage of increases the government can raise your property taxes every year. The longer you own the better for you. Also makes it easier for state & local governments to predict property tax income (not that they know how to maintain their budgets but that's another topic).

Prop 13 seems not only a very touchy subject but seems Prop 13 might actually increase government spending and waste (counter to one of its key intents).

Since voters who are long term homeowners have locked in their property taxes for life, what incentive due voters that are homeowners have to be involved/ concerned about spending that impacts property taxes. Also, not sure how equitable it is to have two people on the same block with the same exact house, but one homeowner pays one hundred, two hundred, maybe three percent more in property taxes than his next-door neighbor with the same exact home.

 

[MVAR]

Prop 13 seems not only a very touchy subject but seems Prop 13 might actually increase government spending and waste (counter to one of its key intents).

Since voters who are long term homeowners have locked in their property taxes for life, what incentive due voters that are homeowners have to be involved/ concerned about spending that impacts property taxes. Also, not sure how equitable it is to have two people on the same block with the same exact house, but one homeowner pays one hundred, two hundred, maybe three percent more in property taxes than his next-door neighbor with the same exact home.

Prop 13 also allows homeowners to budget for their property taxes. The government can still raise your taxes, just not at the multiples that were happening before 1978. Prior to prop 13, fixed income homeowners were losing their homes to taxes. It became a big wholesale market buying tax burdened homes.

Now think about the people that retired in the 80’s & 90’s on a fixed income anywhere between SD & SF. Had 13 not been enacted, every time the values rose, their rates would increase & not by the currently limited 1%. Those people would be SOL.

Your taxes also increase with improvements. Think every time you replace something that requires a permit.

 

[GON]

Prop 13 also allows homeowners to budget for their property taxes. The government can still raise your taxes, just not at the multiples that were happening before 1978. Prior to prop 13, fixed income homeowners were losing their homes to taxes. It became a big wholesale market buying tax burdened homes.

Now think about the people that retired in the 80’s & 90’s on a fixed income anywhere between SD & SF. Had 13 not been enacted, every time the values rose, their rates would increase & not by the currently limited 1%. Those people would be SOL.

Your taxes also increase with improvements. Think every time you replace something that requires a permit.

Yesterday I hastily reviewed some state of California employee pensions.

Was eye opening to see not only how many six figure pensions the state of California entitles to many of its workers but also providing some of these same workers a seven figure one time payout (in addition to the six-figure annual entitlement) at retirement.

My research was hasty on a smartphone, and maybe I did not capture holistically the pension system and one time seven figure pension payouts by California pension systems.

" The Lump-Sum Payout (DROP Programs)
Some agencies offer a Deferred Retirement Option Plan (DROP). Under this type of plan, a qualifying employee "retires" on paper, but continues to work. A portion of their monthly pension is diverted into a dedicated, interest-bearing account while they remain on the payroll.

When the employee fully separates from service, they walk away with a multi-million or seven-figure lump-sum cash payout—in addition to starting their regular monthly pension. "

 

[MVAR]

Yesterday I hastily reviewed some state of California employee pensions.

Was eye opening to see not only how many six figure pensions the state of California entitles to many of its workers but also providing some of these same workers a seven figure one time payout (in addition to the six-figure annual entitlement) at retirement.

My research was hasty on a smartphone, and maybe I did not capture holistically the pension system and one time seven figure pension payouts by California pension systems.

" The Lump-Sum Payout (DROP Programs)
Some agencies offer a Deferred Retirement Option Plan (DROP). Under this type of plan, a qualifying employee "retires" on paper, but continues to work. A portion of their monthly pension is diverted into a dedicated, interest-bearing account while they remain on the payroll.

When the employee fully separates from service, they walk away with a multi-million or seven-figure lump-sum cash payout—in addition to starting their regular monthly pension. "

Yeah, I’m not familiar enough with all of the legacy pensions that were available as even departments within the state could negotiate individual pension modifications, let alone different municipalities & other entities.

Since 2013, every standard non emergency pension recipient (those hired 2013 & later) have to be in the 2% @ 62 plan & are capped. Anything they earn above $10,500/mo isn’t contributed or counted towards their pension. If I remember correctly, if someone maxed this with say 22yrs of service, I believe their pension would be in the 4500-5,000/mo range. Their medical in retirement is also reduced drastically from the classic plans.

That said, the state is in big trouble financially due to their poor financial management of CalPers & the liabilities attached to it. I know several that aren’t confident they’ll receive their pensions in full due to this