[quote=bearishgurl]
As =<1978 original owners die, this law is no longer serving those it intended to protect, which was to keep the "over-65 fixed-income set" in their homes as long as possible. As the years pass, Prop 13 will only be "protecting" able-bodied persons of working age. How is this fair to "arms-length" market purchasers??[/quote]
B/c people who buy at the next peak will be paying higher taxes, but your tax base will be on your purchase prices plus the nominal increase allowed. Whereas, without Prop 13 your taxes will be much higher by the time we get to the next peak.
flu - I currently do not own a home, but I hope to own a home again. And I still think Prop 13 is a gift to California. It would be a pity to see it go away.
BG - I did also address the heir aspect. Considering the state of our economy, I think many of the heirs are going to want to sell and split the proceeds b/c they need the money themselves and have no interest in living in the outdated homes in old neighborhoods.
I happen to have a g/f right now that parents have passed away. She has a brother and sister. She was going to buy them out and live in the Prop 13 house. But in the end, she did not want to be in Chula Vista. You will be seeing another house on the market once they get it squared away. And mind you, she does NOT currently own a home nor has children. I think she's crazy and should keep it. But people are not me.
[quote=SD Realtor]In the end the complaint should really be what the hell is happening to the billions and billions of dollars in tax revenue. You are stepping over the dollar to get to the dime. [/quote]
