Re:How California Became America’s Housing Market Nightmare
by fortran77 on Wednesday November 06, 2019 @01:20PM
(#21465308)
Everyone benefits, not just "boomers". Anyone who buys a house ever gets the same protection. No more than 2% property tax increase/year. So if you bought a house in Silicon Valley for $1.5Million and the house next door sell for $3MM because someone had a lot of cash from their facebook stock, your property tax doesn't double.
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Re:How California Became America’s Housing Market Nightmare
by d1zzy on Wednesday November 06, 2019 @04:13PM
(#21467367)
If you think that a house bought today will see the same relative increase in value over the next 20 years then yes, you'd be right. I'd argue that seems extremely unlikely for a whole set of reasons but the time will who was right.
Note that we're not just talking here about paying lower tax for 1-5 years where the property prices go up, we're talking about taking advantage of this benefit over the course of multiple decades, that's where it adds up and I doubt the same will be true for those that buy a house in Silicon Valley today at market price.
Re:How California Became America’s Housing Market Nightmare
by rcpt on Wednesday November 06, 2019 @07:49PM
(#21469335)
> the same relative increase in value over the next 20 years
Which will just get us what Hong Kong has now
Re:How California Became America’s Housing Market Nightmare
by sjg007 on Wednesday November 06, 2019 @01:27PM
(#21465415)
One $3M cash buyer doesn't change the taxable FMV on your house. That price isn't considered in assessments. Now if 10 houses in your neighborhood sold similarily and are roughly equivalent to your house, then your tax would go up. This actually happened in Palo Alto when Zuckerberg bought the houses around his home.