Author Topic: San Francisco things  (Read 81986 times)

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Offline ben ji

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Re: San Francisco things
« Reply #1625 on: October 16, 2020, 02:41:29 PM »
Interesting map on how Prop 13 impacts property tax. (Prop 13 caps property tax increases and only is reassessed when a property is sold.) Basically if you got in early you're golden and if you didn't good luck.

https://www.officialdata.org/ca-property-tax/

here's what a block in SF where pretty much every building is the same looks like:



If a family member owns a house that you inherit after their death is your tax rate reassessed or do you still get to keep paying their super low rate?

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Re: San Francisco things
« Reply #1626 on: October 16, 2020, 02:43:50 PM »
Interesting map on how Prop 13 impacts property tax. (Prop 13 caps property tax increases and only is reassessed when a property is sold.) Basically if you got in early you're golden and if you didn't good luck.

https://www.officialdata.org/ca-property-tax/

here's what a block in SF where pretty much every building is the same looks like:



If a family member owns a house that you inherit after their death is your tax rate reassessed or do you still get to keep paying their super low rate?

The inheritor keeps paying the super low rate. The most egregious example is Jeff Bridges inheriting his dad's place in Malibu.

Quote
Because of a ballot measure passed in 1986, California is the only state in the country where children get to inherit their parents’ low property taxes on the homes they leave behind. That’s why you may have heard that Oscar-winning actor Jeff Bridges is paying only $5,700 a year in property taxes on an oceanside Malibu home his parents bought in the 1950’s. Like the vast majority of those who benefit from this inheritance tax break, Bridges doesn’t live in the Malibu home–he and his siblings rent it out, for $15,000 a month.

https://calmatters.org/economy/2018/08/prop-13-jeff-bridges-property-taxes-inheritance-estate-california/

Offline ben ji

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Re: San Francisco things
« Reply #1627 on: October 16, 2020, 03:44:46 PM »
 :surprised: :eek:


Offline sys

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Re: San Francisco things
« Reply #1628 on: October 16, 2020, 07:17:28 PM »
there's a ballot measure on this year's ballot to roll back the tax break on inherited properties unless the heirs live in the house.  no idea if it's likely to pass or not.
we understand it better now that the american century is over and some of us sound more and more like serbs.

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Re: San Francisco things
« Reply #1629 on: October 16, 2020, 08:53:54 PM »
there's a ballot measure on this year's ballot to roll back the tax break on inherited properties unless the heirs live in the house.  no idea if it's likely to pass or not.
It's kind of a weird one, it also lets old people carry their assessment to a new place more

Offline sys

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Re: San Francisco things
« Reply #1630 on: October 16, 2020, 09:10:19 PM »
yeah, i think it was written to trick people into voting to raise taxes, but i'm not sure of that.
we understand it better now that the american century is over and some of us sound more and more like serbs.

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Re: San Francisco things
« Reply #1631 on: October 17, 2020, 01:01:49 PM »
yeah, i think it was written to trick people into voting to raise taxes, but i'm not sure of that.
https://www.instagram.com/p/CGYoIjFBUoq/?igshid=z6rqn40l7m71

Realtors are very much in favor of it which probably means it will lead to higher property values on average.

Offline Pete

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Re: San Francisco things
« Reply #1632 on: October 17, 2020, 03:15:56 PM »
yeah, i think it was written to trick people into voting to raise taxes, but i'm not sure of that.
https://www.instagram.com/p/CGYoIjFBUoq/?igshid=z6rqn40l7m71

Realtors are very much in favor of it which probably means it will lead to higher property values on average.

And most importantly (to them), more turnover of properties.

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Re: San Francisco things
« Reply #1633 on: October 17, 2020, 03:22:55 PM »
yeah, i think it was written to trick people into voting to raise taxes, but i'm not sure of that.
https://www.instagram.com/p/CGYoIjFBUoq/?igshid=z6rqn40l7m71

Realtors are very much in favor of it which probably means it will lead to higher property values on average.

And most importantly (to them), more turnover of properties.
I don't know. Prop 13 inflates property values and reduces turnover but I'm sure realtors would fight like hell against its repeal (alongside most homeowners)

Offline sys

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Re: San Francisco things
« Reply #1634 on: October 17, 2020, 06:00:30 PM »
most importantly (to them), more turnover of properties.

yeah, this is correct.  increased taxation brings down prices (and the net effect of prop 19 is a tax increase).  but that's swamped by the effect of removing the incentive for people to never sell.
we understand it better now that the american century is over and some of us sound more and more like serbs.