Site Note: A family member who lives in California recently explained how their property taxes are calculated, and that system is crazy! That system encourages people to never move, which probably contributes to housing issues because seniors are dis-incentivized from down-sizing, etc.
We used to have the problem of senior citizens having their property taxes jacked up every year to the point that the taxes are almost as high as the original purchase price. Bunch of seniors were ending up losing their houses.
Prop 13 was designed to fix that; and it did, but it also caused a bunch of ‘unintended consequences’.
Good Point!
Site Note: A family member who lives in California recently explained how their property taxes are calculated, and that system is crazy! That system encourages people to never move, which probably contributes to housing issues because seniors are dis-incentivized from down-sizing, etc.
Yep.
We used to have the problem of senior citizens having their property taxes jacked up every year to the point that the taxes are almost as high as the original purchase price. Bunch of seniors were ending up losing their houses.
Prop 13 was designed to fix that; and it did, but it also caused a bunch of ‘unintended consequences’.