1. A lot of these property values wouldn’t be 2M if current owners had to pay the taxes. Prop 13 directly incentivizes home owners to (a) never sell and (b) block new housing in their neighborhood that might increase supply.
2. Prop 13 directly incentivizes cities to court Google/FB/Apple to come in. With Prop 13 limiting access to property taxes, most cities look to sales and business tax income to fill in the difference.
3. It’s not all or nothing like ”we need Prop 13 or seniors get kicked out of their homes!” Prop 13 is unique in that it blindly exempts large businesses and wealthy folks who can afford to pay, not just folks who need help.
Other regions (e.g. Boston area) address this with targeted property tax breaks for vulnerable communities, and California would be better served with a well-tested, reliable solution like that.
But that’s hard to implement because California ballot props are wildly difficult to get rid of.
1. A lot of these property values wouldn’t be 2M if current owners had to pay the taxes. Prop 13 directly incentivizes home owners to (a) never sell and (b) block new housing in their neighborhood that might increase supply.
2. Prop 13 directly incentivizes cities to court Google/FB/Apple to come in. With Prop 13 limiting access to property taxes, most cities look to sales and business tax income to fill in the difference.
3. It’s not all or nothing like ”we need Prop 13 or seniors get kicked out of their homes!” Prop 13 is unique in that it blindly exempts large businesses and wealthy folks who can afford to pay, not just folks who need help.
Other regions (e.g. Boston area) address this with targeted property tax breaks for vulnerable communities, and California would be better served with a well-tested, reliable solution like that.
But that’s hard to implement because California ballot props are wildly difficult to get rid of.