Re:JPMorgan to spend $1B on rental homes in the US to become...
by jjav on Monday January 09, 2023 @11:42PM
(#34320606)
> Prop 13 in CA is a law that freezes property tax assessments at sale, so you have people who are paying taxes on a home currently worth $2 million as if it were only worth the $150k they bought it for in 1980.
This is absolutely not true. What prop 13 does is that it limits the yearly base property tax increase to 2%. It's not frozen, it still goes up every year, but only 2%. Note that this means it still goes up 2% even in years when the market is down. It's basically a damping fuction to absorb the wild fluctuations in market value.
This is absolutely not true. What prop 13 does is that it limits the yearly base property tax increase to 2%. It's not frozen, it still goes up every year, but only 2%. Note that this means it still goes up 2% even in years when the market is down. It's basically a damping fuction to absorb the wild fluctuations in market value.