Taxes - Fed/State/Property/Sales
01-13-2025 | 02:54 PM
#91
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Joined: Dec 2012
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Identical means same sales price, in which case they would pay the same.
It’s not fair to repo paid off property because taxes spike due to comps.
If most buy a house at the same % of their income then the taxes stay commiserate with their salary.
That is the point of sales price equaling assessments. Anything else is just a guess.
It’s not fair to repo paid off property because taxes spike due to comps.
If most buy a house at the same % of their income then the taxes stay commiserate with their salary.
That is the point of sales price equaling assessments. Anything else is just a guess.
Like other places there’s been a lack of building since the Great Recession. Builders didn’t want to take risks for several years after. Couple that with Covid building shutdowns and were in an unbalanced supply/demand market. All the state legislators can do is remove red tape lowering risk and cost for builders. Maybe throw in sub 1% property tax for first time and veterans. IMO that should be the focus. Not advocating property tax increases.
01-13-2025 | 03:16 PM
#92
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Joined: Jul 2021
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Likes: 49
High House prices leading to the high property tax initially are the problem in ca right now imo. It’s frustrating.
Like other places there’s been a lack of building since the Great Recession. Builders didn’t want to take risks for several years after. Couple that with Covid building shutdowns and were in an unbalanced supply/demand market. All the state legislators can do is remove red tape lowering risk and cost for builders. Maybe throw in sub 1% property tax for first time and veterans. IMO that should be the focus. Not advocating property tax increases.
Like other places there’s been a lack of building since the Great Recession. Builders didn’t want to take risks for several years after. Couple that with Covid building shutdowns and were in an unbalanced supply/demand market. All the state legislators can do is remove red tape lowering risk and cost for builders. Maybe throw in sub 1% property tax for first time and veterans. IMO that should be the focus. Not advocating property tax increases.
Yea, property taxes existed to tax the rich back when property was used to generate cash flow, and poor people didn’t own anything to pay a tax on.
In the south it was used to pay for the civil war, in the 1800s it was too hard to try and tax the cotton revenue so just tax the dirt that produces it and exempt the home.
Since property doesn’t necessarily produce cash flow anymore and we aren’t in the 1,800s anymore there are much fairer ways to have a progressive tax for local services.
01-13-2025 | 03:20 PM
#93
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Joined: Mar 2015
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AMEN!
What is even worse is the people grandfathered in with low taxes keep voting for more services with absolutely no consequences since their tax is locked in.
Recipe for disaster.
.
01-13-2025 | 03:34 PM
#94
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Last edited by fcoolaiddrinker; 01-13-2025 at 03:47 PM.
01-13-2025 | 04:04 PM
#95
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at least their kids can inherit the low tax rate and continue to ******* those behind them.
01-13-2025 | 04:08 PM
#96
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It’s not fair to repo paid off property because taxes spike due to comps.
If most buy a house at the same % of their income then the taxes stay commiserate with their salary.
If young people can’t afford the tax then they don’t buy and that corrects the home value.
Assessing and taxing unrealized equity is sounds ridiculous and a cap gains tax at sale should be favored over taxing equity.
01-13-2025 | 04:37 PM
#97
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Last edited by fcoolaiddrinker; 01-13-2025 at 05:06 PM.
01-13-2025 | 07:19 PM
#98
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Joined: May 2010
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From: Baja Vermont
It's a ridiculous exit tax. First, only applies to $30 millionaires, why not everyone? Or no one? That's hardly equal,protection of the law. Second, if I decide to move to a lower tax state, where does Cali have the right to chase my capital? Since when is moving to another tax jurisdiction a "loophole"?
01-13-2025 | 08:47 PM
#99
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It's a ridiculous exit tax. First, only applies to $30 millionaires, why not everyone? Or no one? That's hardly equal,protection of the law. Second, if I decide to move to a lower tax state, where does Cali have the right to chase my capital? Since when is moving to another tax jurisdiction a "loophole"?
as for equal protection, there’s a long history of progressive taxes being acceptable
Last edited by OOfff; 01-13-2025 at 09:15 PM.
01-14-2025 | 05:59 AM
#100
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Joined: Mar 2018
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What happens when you leave the state and your portfolio subsequently goes down, are you given that money back by CA?
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