Re:Elon Musk moves to Texas
by dodobirdlord on Thursday December 10, 2020 @02:24AM
(#25370854)
There's also the approach of allowing property taxes to be accrued as liens on the property owned by the government, to be paid on the death of the owner or the sale of the property. This ensures that retired people are protected from paying high property taxes, as was originally intended, while ensuring that there's no actual tax break, just a deferment.
For single-family, owner-occupied housing, remove Prop 13 provisions for new sales, but grandfather in all current owners until their death or 20 years, whichever is sooner. After which their assessed values are gradually (say over 5 years) allowed to rise to the fair market value.
Force a reassessment upon the property being inherited, and remove Prop 13 protections from it. Right now, there's no reassessment if a child or grandchild inherits the property.
Eventually all grandfathered owners will die off, sell and leave, or start paying taxes based on the fair market value of their property.