[quote=EconProf]OK BearishGirl, you can do all that if you want, but I question how that can be a valid measure of what the total revenue loss is due to Propositions 58 and 193.
This question would be a great research paper for someone’s Master’s Thesis. I googled several terms and could not find any published works that could tell us.
BTW, it was not the CA legislature that gave us these laws–propositions, it was the voters, and they did so overwhelmingly. Just shows how attractively-worded propositions get passed by our shallow electorate.[/quote]
If you want the breakdown of those owners benefiting from Props 58 and 193, that will likely take a week or two longer. The tax bill shows the date and number of the last (ownership) document filed. If it was “recent” (meaning less than ~37 years ago but more than one year ago), I would have to consult the ARCC grantor/grantee index on affected parcels to determine if it the transferring document was a trust or intra-family transfer (before or after death). If I had any questions as to what the document actually was, I would have to make a list go to the recorder’s office to view those documents (which is just a few blocks away for me).
I think it is ALSO instructive to see how many CA property owners are paying taxes based upon their original purchase price plus 2% annually since then. This HUGE group is ALSO unjustly enriched (pursuant to Prop 13).
If a CA property owner was 55+ years of age at the time of the passing of Prop 13 (which used original assessments “frozen” from September 1976, I believe) and are now in their nineties, I believe THAT was the population which the law was intended to assist. With the (later) passage of Props 58 and 193, many of these owners (now mostly deceased) were able to pass their ultra-low assessments to their heirs. The thing is, people bought their first home at a fairly young age in 1978 and that group (my “brethren”) are +/- 60 years old today. This group (who never sold the property, no matter what they did with it) has been enjoying their ultra-low assessments since their early/mid twenties (all during their working and child-rearing years)! And of course, today’s “heirs” could be anywhere from about 25 to 70 years old, with the bulk of them 50 to 70 years old. This HUGE “heir” group typically lives RIGHT NEXT DOOR to owners THE SAME AGE AS THEY ARE yet has 1/6 the assessed value or ~18% (or less) the tax bill as their “unluckier” neighbors do. On older blocks, the disparities in assessments from house to house on the SAME BLOCK are enormous!
