Originally Posted by
fcoolaiddrinker
Yes. That’s why leaving the burden to heirs went away for rental properties. It’s going to take some time but eventually rentals will all get reassessed. If you were to remove prop 13 and just make all properties pay tax based on value tomorrow guess what. Rent is going up.
If the tax suddenly goes from a $300K house in 1984 to a $2M assessment…many of those property owners would be forced to sell and relocate. That being said, there is no shortage of home sales in the Bay Area. Many sell within a few days and voila, new assessment. Many families set up trusts with property. Not sure what happens to heirs and taxes when those trusts are distributed in CA.