Lake Martin Topics: The alternative is Prop 13

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	Name:	MotorMan -
	Subject:	The alternative is Prop 13
	Date:	5/5/2007 1:33:07 PM

California's infamous Prop 13 of 1975 froze taxes at that level unless you sold your home. It went to the CA Supreme Court when a man was paying $6000 for his $180,000 house while his neighbor paid $1000 for the exact same size house he bought in 1974 for $35,000. Court uphelp CA right to freeze assessments.

The $180, 000 house has since sold for $450,000 in 2004. It is hard to say if the $35,000 assesd house still has the same man alive in it. Its in his name and someone lives there and pays the meager taxes.

People became creative. 99 year leases started that year with $180,000 downpayment, + paying annual taxes. Same owner, same tax rate. $1 renewal fee in 99 years.

Rent control is there but I don't know when it started. Some old renters pay $88/mo and new appartments rent for $1150/mo.

In the long run, Its best to tax on what its worth.