Thoughts on property taxes and Prop 13

[an]

Could it possibly just mean that the majority of home owners bought their house long time ago, so they’ll still be hit w/ the increase, since their appraised value for tax purposes is way under the current value.

[jpinpb]

Yeah. I’m thinking people are losing homes AND losing their Prop 13 low taxes. Passing it to kids wouldn’t trigger the reassessment.

Sure some people remodeled their homes, added rooms and caused a reassessment, but many just paid off bills, took vacations, bought new cars/toys, even sent kids to college. Now they are out and property taxes are up. And yet City is cutting services and water mains and streets filled w/potholes continue.

[jpinpb]

Yeah. I’m thinking people are losing homes AND losing their Prop 13 low taxes. Passing it to kids wouldn’t trigger the reassessment.

Sure some people remodeled their homes, added rooms and caused a reassessment, but many just paid off bills, took vacations, bought new cars/toys, even sent kids to college. Now they are out and property taxes are up. And yet City is cutting services and water mains and streets filled w/potholes continue.

[jpinpb]

Yeah. I’m thinking people are losing homes AND losing their Prop 13 low taxes. Passing it to kids wouldn’t trigger the reassessment.

Sure some people remodeled their homes, added rooms and caused a reassessment, but many just paid off bills, took vacations, bought new cars/toys, even sent kids to college. Now they are out and property taxes are up. And yet City is cutting services and water mains and streets filled w/potholes continue.

[jpinpb]

Yeah. I’m thinking people are losing homes AND losing their Prop 13 low taxes. Passing it to kids wouldn’t trigger the reassessment.

Sure some people remodeled their homes, added rooms and caused a reassessment, but many just paid off bills, took vacations, bought new cars/toys, even sent kids to college. Now they are out and property taxes are up. And yet City is cutting services and water mains and streets filled w/potholes continue.

[jpinpb]

Yeah. I’m thinking people are losing homes AND losing their Prop 13 low taxes. Passing it to kids wouldn’t trigger the reassessment.

Sure some people remodeled their homes, added rooms and caused a reassessment, but many just paid off bills, took vacations, bought new cars/toys, even sent kids to college. Now they are out and property taxes are up. And yet City is cutting services and water mains and streets filled w/potholes continue.

[jpinpb]

[quote=AN]Could it possibly just mean that the majority of home owners bought their house long time ago, so they’ll still be hit w/ the increase, since their appraised value for tax purposes is way under the current value.[/quote]

Not even close to what it should be for those that bought in the ’70’s and ’80’s.

[jpinpb]

[quote=AN]Could it possibly just mean that the majority of home owners bought their house long time ago, so they’ll still be hit w/ the increase, since their appraised value for tax purposes is way under the current value.[/quote]

Not even close to what it should be for those that bought in the ’70’s and ’80’s.

[jpinpb]

[quote=AN]Could it possibly just mean that the majority of home owners bought their house long time ago, so they’ll still be hit w/ the increase, since their appraised value for tax purposes is way under the current value.[/quote]

Not even close to what it should be for those that bought in the ’70’s and ’80’s.

[jpinpb]

[quote=AN]Could it possibly just mean that the majority of home owners bought their house long time ago, so they’ll still be hit w/ the increase, since their appraised value for tax purposes is way under the current value.[/quote]

Not even close to what it should be for those that bought in the ’70’s and ’80’s.

[jpinpb]

[quote=AN]Could it possibly just mean that the majority of home owners bought their house long time ago, so they’ll still be hit w/ the increase, since their appraised value for tax purposes is way under the current value.[/quote]

Not even close to what it should be for those that bought in the ’70’s and ’80’s.

[Coronita]

[quote=AN]Could it possibly just mean that the majority of home owners bought their house long time ago, so they’ll still be hit w/ the increase, since their appraised value for tax purposes is way under the current value.[/quote]

I think hit is probably small for really long term homeowners versus current assessed values… But I’m wondering what percentage of these folks fall into these categories. I would think someone who was an owner since say 1980’ies wouldn’t have blown it (at least not in big proportions)….maybe I’m wrong

Also,I’m not sure if you folks are aware of this, but there is also a homeowner’s exchange rule for older people that allows them to keep their property tax basis if they exchange a home of equal or less value. So for example, if retired couple X decides to sell their home purchased in say 1980 for say $200k at current market value of say $1million and purchase a new home say at $1million or less, their assessed tax is still what they were previously paying. There are some caveats, one being the two counties of old and new residence must be participating in this exchange scheme.

[Coronita]

[quote=AN]Could it possibly just mean that the majority of home owners bought their house long time ago, so they’ll still be hit w/ the increase, since their appraised value for tax purposes is way under the current value.[/quote]

I think hit is probably small for really long term homeowners versus current assessed values… But I’m wondering what percentage of these folks fall into these categories. I would think someone who was an owner since say 1980’ies wouldn’t have blown it (at least not in big proportions)….maybe I’m wrong

Also,I’m not sure if you folks are aware of this, but there is also a homeowner’s exchange rule for older people that allows them to keep their property tax basis if they exchange a home of equal or less value. So for example, if retired couple X decides to sell their home purchased in say 1980 for say $200k at current market value of say $1million and purchase a new home say at $1million or less, their assessed tax is still what they were previously paying. There are some caveats, one being the two counties of old and new residence must be participating in this exchange scheme.

[Coronita]

[quote=AN]Could it possibly just mean that the majority of home owners bought their house long time ago, so they’ll still be hit w/ the increase, since their appraised value for tax purposes is way under the current value.[/quote]

I think hit is probably small for really long term homeowners versus current assessed values… But I’m wondering what percentage of these folks fall into these categories. I would think someone who was an owner since say 1980’ies wouldn’t have blown it (at least not in big proportions)….maybe I’m wrong

Also,I’m not sure if you folks are aware of this, but there is also a homeowner’s exchange rule for older people that allows them to keep their property tax basis if they exchange a home of equal or less value. So for example, if retired couple X decides to sell their home purchased in say 1980 for say $200k at current market value of say $1million and purchase a new home say at $1million or less, their assessed tax is still what they were previously paying. There are some caveats, one being the two counties of old and new residence must be participating in this exchange scheme.

[Coronita]

[quote=AN]Could it possibly just mean that the majority of home owners bought their house long time ago, so they’ll still be hit w/ the increase, since their appraised value for tax purposes is way under the current value.[/quote]

I think hit is probably small for really long term homeowners versus current assessed values… But I’m wondering what percentage of these folks fall into these categories. I would think someone who was an owner since say 1980’ies wouldn’t have blown it (at least not in big proportions)….maybe I’m wrong

Also,I’m not sure if you folks are aware of this, but there is also a homeowner’s exchange rule for older people that allows them to keep their property tax basis if they exchange a home of equal or less value. So for example, if retired couple X decides to sell their home purchased in say 1980 for say $200k at current market value of say $1million and purchase a new home say at $1million or less, their assessed tax is still what they were previously paying. There are some caveats, one being the two counties of old and new residence must be participating in this exchange scheme.

[Author]

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