Old voters like the house they brought 20 years ago for 100k being worth 1.5 million today. They also like not paying taxes on that 1.4m in wealth accumulation.
I think not wanting to pay some yearly tax on that $1.4 million because the government pretends that the same as having $1.4M cash in the bank, or making $1.4M in a year, is fine.
Not wanting to pay the property taxes associated with a $1.5M home is the problem.
Which is why we also have things like a deferred property tax program! The way to "solve" the problems Prop 13 addresses would be to expand programs like that, but homeowners—disproportionately active middle- and upper-middle-class voters—want to have their cake and eat it too.
Ancalagon · · focus · HN ↗
999900000999 · · focus · HN ↗
Old voters like the house they brought 20 years ago for 100k being worth 1.5 million today. They also like not paying taxes on that 1.4m in wealth accumulation.
pc86 · · focus · HN ↗
Not wanting to pay the property taxes associated with a $1.5M home is the problem.
tikhonj · · focus · HN ↗
999900000999 · · focus · HN ↗
Without prop 13 that house would probably only be worth 600k. What difference does it make if it functions as a home.
Too late to fix it now.