Re:Bills before the California Legislature would crack down ...
by FullMtlAlcoholc on Wednesday May 10, 2017 @08:35AM
(#14307656)
In California, under the Prop 13 tax reform, property tax values were rolled back and frozen at the 1976 assessed value level and only allowed to raise at 2% per year.
Property values (and therefore property tax receipts) vary relatively modestly with the economic cycle, but income tax receipts are fully exposed to the booms and busts of the stock market. What this leads to is school funding that is somewhat directly tied to the financial markets :( So if you're in school during a recession, it sucks
Re:Bills before the California Legislature would crack down ...
by coredog64 on Wednesday May 10, 2017 @08:52AM
(#14307755)
Prop13 values reset on a sale. So the geriatric couple living in a million dollar cracker box might have low property taxes, but the next owner is in for a surprise.
Property values (and therefore property tax receipts) vary relatively modestly with the economic cycle, but income tax receipts are fully exposed to the booms and busts of the stock market. What this leads to is school funding that is somewhat directly tied to the financial markets :( So if you're in school during a recession, it sucks