I think housing prices would plummet if prop 13 were repealed. It’s interesting that Texas and Temecula were brought up. They’re on my top 5 list of place to bail out to.
A house in San Antonio would run me $78k, the same house in Santee would run me $500k and the reasonably same home in Temecula would run $200-300k. I think the neighborhoods were somewhat comparable when I was out there scouting.
Prop 13 is a major reason for the difference. My Property taxes would be $2340 a year in Texas and $7500 on the equivalent property in Santee. A 300% difference is obnoxious. Most folk couldn’t stay in their Santee home if they had to pay market value taxes, and would need to move out.
I was on the edge of saying to hell with prop 13 kill it, it will bring housing prices down with it. But, after taking in this discussion, I think it would be right thing to keep it around. There’s no way that Gov’t is sending services back to the Santee home owner in the way of $7500 a year. Gov’t spending needs to be squashed, and if prop 13 helps that end, then I’d say I have to vote to keep it around… Even if it keeps me out of buying a home in CA.
