[quote=SK in CV][quote=flu]So I’m not sure what her concern is. I don’t think we’ll have a flood of buyers changing that anytime soon. Property values should stay “stable” there and not move that much, which it sounds like is what she wants…[/quote]
There can’t be any buyers because there aren’t any sellers. Everyone has owned their home since before prop 13, (most have lived there for over 100 years) and then pass their homes on to their children who rip off everyone else by not selling and continuing to have very low property taxes.[/quote]This is true for 91910 and 91911. 91913 was annexed into City in 1986/87, 91914 was annexed into City in 1991/92 and 91915 was annexed into City in 2000/01. All of these annexations occurred after the passage of Prop 13 (1978) and Props 58/193 (1985/86). Except for two single-family subdivisions (and one older subdivision transferred from 91911 to 91913), the entire land masses of these later annexed-in zip codes are within CFDs.
Yes, Chula Vista DOES have 100 year old houses. But those houses (situated in North Chula Vista near the Nat’l City border) were brought in, placed on lots there in pieces from Golden Hill (SD 92102) and reconstructed. The oldest houses in 91910 (stick built on site) are about 85 years old. The oldest houses in 91911 are about 55 years old (circa 1961).
The City of Chula Vista is actually two vastly different worlds with vastly different demographics from one another … the 2 original (mostly westside) zip codes and the 3 (later-annexed in) zip codes. The difference is profound (night and day).
There have been four more deaths of the last owner in my immediate area in 2016. Three of those homes were promptly taken over by children (boomers) and one was taken over by a grand-daughter (Gen X). That is why there is very little single family inventory in 91910 and will continue to be. This will go on in thousands of CA zip codes with well-established residential communities within them into perpetuity, as long as Props 58 and 193 remain on CA’s books.
Prop 13 protection from reassessment for CA residents who owned property in the state on 3/31/78 and still own that same property today would disappear on these properties on the date of death of the last owner (who owned it in 1978) were in not for its later progeny passed by the Legislature in ’85/86, which effectively rendered the same properties protected from reassessment into perpetuity, as long as it was deeded to a child or grandchild (if their child(ren) is deceased) before or after the death of the last owner on title. This assessment rollback began with a September 1975 assessment (effective September 1978, after Prop 13 was passed) + 2% per year into perpetuity.
Even current CA residents who bought their properties as late as 1992 have a 20-25% lower tax bill than those who bought their properties since 2000.
