California's Housing crisis: Even Bloomberg admits it is self-imposed
"How did we get here? Simply put, bad government..."
They tried to put a few caveats when they should have just stopped there.
Here was the statement that drew my ire, however:
"California also has a distinct burden: Proposition 13, a measure approved by voters in 1978 that limits property-tax increases on homes until they’re sold. That’s been a boon for Baby Boomers who’ve lived in their houses for decades and aren’t assessed at anything close to their property’s market value. But it’s especially unfair to their children, who are in effect subsidizing their parents’ generation."
Um, excuse me, but a home's value is what you paid for it - not what some bureaucrat thinks it is worth! Taxable value should be based on the historical/accounting value of the property - not what some political appointee decides "should" be the value on your home. I'm facing this in my area where due to the recent influxes of people my home value, i.e. taxable value, has doubled in the past five years.
They tried to put a few caveats when they should have just stopped there.
Here was the statement that drew my ire, however:
"California also has a distinct burden: Proposition 13, a measure approved by voters in 1978 that limits property-tax increases on homes until they’re sold. That’s been a boon for Baby Boomers who’ve lived in their houses for decades and aren’t assessed at anything close to their property’s market value. But it’s especially unfair to their children, who are in effect subsidizing their parents’ generation."
Um, excuse me, but a home's value is what you paid for it - not what some bureaucrat thinks it is worth! Taxable value should be based on the historical/accounting value of the property - not what some political appointee decides "should" be the value on your home. I'm facing this in my area where due to the recent influxes of people my home value, i.e. taxable value, has doubled in the past five years.
Idiots.
I apparently reached my "free" article limit that I did not realize.
Property taxes are a great source of revenue for state governments.
Prop 13 was a good idea, Californians for once getting fed up with government greed. The State has recovered that loss from other, ever increasing burdens.