Isn’t that due to the reassessment of property tax when a new owner purchases the property? And wouldn’t that be solved if the cap persists regardless of ownership change?
That’s how it’s done in Oregon and we also have high housing costs. The housing costs are more likely tied to the massive demand of people moving to the coasts and lack of housing than property tax rates. The above argument doesn’t even make sense to me as someone who moves within California is still only going to own one house so how does that make housing cheaper and more available whether they move or not? It only works if they move out of state and if that’s the case, they aren’t going to be affected by the property tax increase on a new purchase anyway.
Isn’t that due to the reassessment of property tax when a new owner purchases the property? And wouldn’t that be solved if the cap persists regardless of ownership change?
That just puts an insane value premium on older housing stock
That’s how it’s done in Oregon and we also have high housing costs. The housing costs are more likely tied to the massive demand of people moving to the coasts and lack of housing than property tax rates. The above argument doesn’t even make sense to me as someone who moves within California is still only going to own one house so how does that make housing cheaper and more available whether they move or not? It only works if they move out of state and if that’s the case, they aren’t going to be affected by the property tax increase on a new purchase anyway.