[quote=SD Realtor]Yeah I know FLU. Obviously there are just so many of these wealthy old people around. They just flood the San Diego area. It also goes without saying that there are tons and tons of kids who have these homes from there old but not dead parents and are not paying the so called market rate property taxes.
It is almost laughable.
At least the opponents for prop 13 should argue other problems with it (as there are many) and they don’t have much to do with residential real estate.[/quote]
SDR, I did not intend to imply that these =<1978 homeowners were all "wealthy." Often the family home is their largest or only asset and they have two or more children who would be potential "heirs." What typically happens is that one heir buys the other heirs out of the property upon death of the last parent. If the =<1978 homeowner has not already transferred title to child(ren) prior to death, the "heirs" find a way for the property to stay in the family. One or more will take title and at least one will live there. Even if the property is NOT the kind of property that ANY of them would purchase, they keep it because of the permanent ultra-low assessment.
Typically, the only "estate sale" listings you see in SD County are properties in which the heirs have long ago relocated, have established themselves elsewhere and have no intentions to return to SD.
Edit: SDR, you must know that there is a WIDE chasm between the "so-called market rate" tax and the tax that =<1978 homeowners (or their "heirs") pay. The difference here is by no means "chump change" and my neighbors on either side of me enjoy all the same City services that I do.
It's patently unfair for "heirs" to enjoy this perk while incoming purchasers carry them with market-rate property tax payments.
