[quote=bearishgurl]
We can’t have it both ways … that is … 40%+?? of CA’s landowners paying 1/10th of 1% of the current market value of their properties due to artificially low assessments which will NEVER catch up to even being close to the market value…[/quote]
Do you know this 40% number is right or are you just guessing at it? I have no idea.
Edited to add: I think that 40% number is impossible. My mother’s house (which was sold a few years ago) had 1976 original valuation for prop 13 purposes. The assessed value more than doubled over the years to right around 100,000. It was sold right after the peak of the market at $670K, and is probably worth a little less than that now. I suspect most of the original prop 13 valuations are similar, at about maybe 15% of full market value (as opposed to the 10% you claimed). I won’t quibble about that difference, but I find it hard to believe that anywhere near 40% of all California property is still working from almost 40 year old valuations. In fact, I wouldn’t be surprised if close to 1/2 of all RE improvements aren’t even that old. California’s population has come close to doubling since 1978.
