Re:Goodbye, New York, California and Illinois – Hello where?
by triceratops on Friday January 17, 2020 @08:51PM
(#22081614)
> because their new property -- even if it's smaller! -- will destroy them with higher property taxes.
Nope. Prop 13 allows transferring assessed value of the old house to the new house if it's in the same county. Even inter-county if the new county allows it. The assessed value is also preserved when the property is inherited by children and grandchildren. The number of carve-outs it has to favor incumbent landowners is pure insanity.[1]
EDIT: These were allowed to die in December, 2018.
Nope. Prop 13 allows transferring assessed value of the old house to the new house if it's in the same county. Even inter-county if the new county allows it. The assessed value is also preserved when the property is inherited by children and grandchildren. The number of carve-outs it has to favor incumbent landowners is pure insanity.[1]
EDIT: These were allowed to die in December, 2018.
1. https://en.wikipedia.org/wiki/1978_California_Proposition_13...