> Boomers all over Silicon Valley are still paying 1976 tax rates on their properties worth $2m+ now
Prop 13 limited tax increases to 2% a year, not zero. No one is paying 1976 rates.
Re:How This Ends
by neilparikh on Monday May 23, 2022 @01:26AM
(#31475591)
They're paying (at most) 2.5x what they paid in 1976 (1.02 ^ (2022-1976)). In the grand scheme of things, that's not far off from 1976 rates, given that many properties have appreciated 10-20x.
Boomers all over Silicon Valley are still paying 1976 tax rates on their properties worth $2m+ now. Disneyland is a huge beneficiary[2], but ANY efforts to reform Prop 13, even just for commercial, are met with "slippery slope" arguments from the same boomer homeowners (and PR campaigns funded by real estate groups that benefit from it).
1: https://en.wikipedia.org/wiki/1978_California_Proposition_13
2: https://www.curbed.com/2020/10/prop-15-california-property-t...