Re:Why Haven't Voters Been Buying the Case for Increasing Ho...
by jjav on Sunday March 24, 2019 @02:14AM
(#19474743)
> Around me in SF an entry level home at $1M would have a tax bill of $10,000. But it’s locked forever.
Property tax in CA goes up 2% every year. So,
year 0: $10,000 year 1: $10,200 year 2: $10,404
And so on... maybe it doesn't go up as fast as you'd like (until you own a place) but it is by no means locked in.
Re:Why Haven't Voters Been Buying the Case for Increasing Ho...
by Dylan16807 on Sunday March 24, 2019 @03:49AM
(#19475035)
That's less than inflation! It doesn't count as going up.
(It will peak over inflation in some years, but it's still effectively a freeze. Even a modest property appreciation like 50% will stay out of reach of an annual 2%-minus-inflation effectively forever.)
In Texas a “typical” house for about $350k would come with an annual tax bill of $10,500. And it goes up if housing gets more expensive.
Around me in SF an entry level home at $1M would have a tax bill of $10,000. But it’s locked forever.
The same bill for a property 3x more valuable... it makes an enormous difference in the monthly payment which also has a meaningful impact on the ability for prices to shoot up in the first place.