Again, a policy like Prop 13’s impact is only felt decades later…
Warren Buffet owns home in Laguna Beach, he bought it back in the day, like 25-30 years ago. Appraised tax value under prop 13 was limited to like $200K, (bought at like $100K or something) currently worth $4,000,000. His neighbors place was taxed at $5,000,000. Hence, Warren paid something like $2264 in property tax and his neighbors tax bill was something like $50,000.
But that isn’t the real problem with Prop 13. The real problem is that property taxes are no longer the domain of the local community, instead going to the general fund to be re-doled out at a statewide level. Hence, property taxes are no longer a local issue, property taxes no longer make the local community better or worse.
