ice9, you are young enough that it is very likely that “CA’s Proposition 13” (which protects CA parcels from being assessed at more than 2% over the previous tax year) may very well be repealed in full or piecemeal by the time you are ready to “semi-retire” or retire.
The major voting demographic that derives the most benefit from Prop 13 are aging and dying off. These are purchasers prior to April 1978 who still own the same parcels today (and/or their direct descendants/heirs).
There is even less public support for Prop 13’s more recent “progeny,” Proposition 58, which in part provides that these same owners’ property tax basis be transferred to their children or grandchildren by filing any form of familial transfer deed in their favor, either before or upon death. These (very often younger, able-bodied and high-earning) heirs/descendants are enjoying an artificially-low property tax rate that that would not otherwise be available to them had they acquired the same property by means other than a familial transfer deed or “quitclaim deed” from a parent/grandparent.
If you are counting on low property taxes in CA to help provide you a reasonable cost of living in retirement in 2030 and beyond, I feel you may end up having to rethink this current “perk.” The present state of CA’s current finances are VERY precarious at present, verging on bankruptcy. I have no doubt our Legislature will eventually seek and find every way to keep the state’s dwindling coffers funded.
