California Prop 13

Not sure I agree—1. A lot of these property values wouldn’t be 2M if current owners had to pay the taxes. Prop 13 directly incentivizes home owners to (a) never sell and (b) block new housing in their neighborhood that might increase supply.2. Prop 13 directly incentivizes cities to court Google/FB/Apple to come in. With Prop 13 limiting access to property taxes, most cities look to sales and business tax income to fill in the difference.3. It’s not all or nothing like ”we nee

Part of the problem with housing prices in California is that property taxes are too low. Prop 13 means existing homeowners are shielded from higher property taxes, so growing property values are only good for them, no matter how high. Thus, there's no incentive to increase housing supply, which could lower prices.

That's what California's Prop 13 is. It works as originally intended to prevent people being priced out by rapidly rising property taxes but has other, necessarily linked negative effects. Lots of reading and analysis available by googling California Prop 13.

Not sure if this is being facetious, but California has prop 13 which means your property taxes cannot go up more than 2% per year. It would be great if a new prop was passed which reversed it, but polling on reversing it is always very unpopular since homeowners are very consistent voters.

The problem is the direct proposition system. It makes good governance impossible. Most states require the legislature to approve all direct propositions, but California does not.Prop 13 was voted in by people who did not understand the long term ramifications of what they were doing. All they heard was "lower taxes!". The partial repeal of Prop 13 on the ballot failed (and the expansion of it passed!) just this November, again by people who don't understand the ramificatio

Unfortunately such a tax would be limited by prop 13 in California.While the proposals here can be implemented on a local level, any change to prop 13 would be a state level ballot proposition.(For the record, I'd love to see reform of prop 13. While I love the idea of smoothing out over a number of years the impact of sudden inflation or increases in local housing prices on existing residents, it should be a smoothing rather than an entitlement for long term owners of multi-million d

California as a whole passed Prop 13 by a ballot measure, which prevents localities from fixing the problem by taxing long-time housing wealth at the same rate it inflates in value.

In California prop 13 freezes property tax assessments at time of purchase, so many elderly people are paying less property tax on their house than they would on a newly bought condo.

I thought Prop 13 prevented taxes from rising with property value?

There are laws like California's prop 13 which allow some demographics of consistent voters and home buyers to have their cake and eat it too by insulating them from property tax increases as their home value increases.