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Re: Lotsa equity but no cash.
Old 07-10-2005, 01:37 PM   #21
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Re: Lotsa equity but no cash.

Absolutely. If they revalued my existing home, my prop taxes would jump substantially. I'd move to nevada, oregon or elsewhere in a heartbeat.

Right now, i'm not paying much in state income taxes, and I just dont buy enough stuff subject to the sales tax to care.

Half of the LA and SF area would have to sell and bail out of state if they took prop 13 out.
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Re: Lotsa equity but no cash.
Old 07-10-2005, 01:47 PM   #22
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Re: Lotsa equity but no cash.

And wouldn't that drive property values down, thereby reducing taxes?

I have a friend who's a really smart guy and got a great job offer in the bay area. Decided not to take it, too expensive to move the family.
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Re: Lotsa equity but no cash.
Old 07-10-2005, 01:50 PM   #23
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Re: Lotsa equity but no cash.

Most probably.

A lot of things look like good ideas until you carry them through to their ultimate conclusions.
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Re: Lotsa equity but no cash.
Old 07-10-2005, 02:33 PM   #24
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Re: Lotsa equity but no cash.

Quote:
Originally Posted by MRGALT2U
Well, it depends on whose ox is being gored, kind of like rent control in
New York.* In every move the government makes (at every level)
there are winners and losers.* Your challenge is to be in the winner's
column over time.

I don't wait for the government to help me.* I watch what they do and then
try to turn it to my advantage.

JG
Of course we all do that. But you can optimize your personal tax/benefit situation while the economy as a whole falls to pieces because of bad policy. There's no doubt that individual home owners who stay in one place pay less tax because of prop 13. But I know several good engineers who, on a regular basis, turn down job offers that would require them to move to California. California schools suck today. They used to be the best in the world. At least part of the reason for that change is prop 13.

In the absense of prop 13, natural market pressures would also tend to moderate housing valuations and taxes . Maybe that wouldn't have been as good, but I'm convinced it would have been better for the State.
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