Re:Coinbase lays off around 1,100 employees
by stevenjgarner on Tuesday June 14, 2022 @07:35PM
(#31747356)
I thought things are capped in California, that Under Proposition 13, the annual real estate tax on a parcel of property is limited to 1% of its assessed value. This "assessed value" may be increased only by a maximum of 2% per year until, and unless, the property has a change of ownership? No such joy in Texas (yet).
Re:Coinbase lays off around 1,100 employees
by pyuser583 on Wednesday June 15, 2022 @01:12AM
(#31749351)
That’s probably one of the reasons real estate prices are so high.
Re:Coinbase lays off around 1,100 employees
by cwalv on Wednesday June 15, 2022 @02:40AM
(#31749833)
It's definitely One of the reasons. I've compared some real estate prices in some low-cost areas to relatively high-cost areas, and found that once factoring in property tax, the actual cost was close to the same.
Re:Coinbase lays off around 1,100 employees
by pyuser583 on Wednesday June 15, 2022 @08:35PM
(#31761212)
I was comparing buying real estate in a high end part of Chicago with San Francisco.
The places cost the same per month. But in SF, almost all of that was going to the premium/interest.
In Chicago, a massive amount was going to taxes and HOAs.
Re:Coinbase lays off around 1,100 employees
by stevenjgarner on Tuesday June 14, 2022 @07:00PM
(#31747057)
Thank goodness you did not buy that property for cents on the dollar 30 years ago and now have to also pay a fictitious wealth tax on the property when it was at the peak of its "value". Count your blessings.
In San Francisco there is a 2.5 month window to appeal your property tax assessment. I did that for 2020, and was successful (the hearing was like a year+ later) and they gave me a refund.
I failed to do it for 2021, because I was under the mistaken assumption that they'd they'd also adjust my 2021 assessment after my appeal. They didn't. I guess that's on me?
I just sold that property for a loss and 15% less than my tax assessment, and I'm well past the appeal period for 2021/2022 sales tax year. So I think I'm out of luck. I just over-paid by 15%.