Let's Play Tax Basis
No doubt Prop 13 has resulted in some perverse outcomes. Here's a chance to play a game called Guess the taxes. Playing today are two properties. Contestant #2 is 80 acres in Sonoma, California.
Contestant #1 is a cute 2+2 on 0.07 acres in bucolic Camarillo, California.
Guess their taxes! As a hint the Camarillo cutie recently got a huge break in their taxable basis.
As another hint the Sonoma property has been paying Prop 13 since 1978 on the 1975 fair market price plus 2% compounded ever since.
posted by Rob Dawg @ 9:48 AM
7 Comments:
Quick hit, but I thought you needed a copy of this.
United States redrawn as Fifty States with Equal Population:
http://feltron.tumblr.com/image/43027160095
Looks like someone else has designs on Dawgafornia.
Prop 13 is dangerously flawed. It was passed to protect little old ladies from getting taxed out of a long term home - but was financed by major corporations.
Strange - the little old lady will eventually sell the house, but Chevron is still paying 1970's taxes on their refineries.
Prop 13 needs to go - or at least be modified to cover only residential property and not commercial.
For public companies the answer is easy. The stockholders are the owners and whenever more than 50% of the stock trades it is a change of ownership. Revalue the property.
Blogger JP said... United States redrawn as Fifty States with Equal Population:
http://feltron.tumblr.com/image/43027160095
Looks like someone else has designs on Dawgafornia.
I'd love to see the Red/Blue version of this map...
Morning Rob,
Did you catch the Star's piece on the theater fiasco in Oxnard?
Catch the piece? I've been waving that warning flag for years.
I thought it was really interesting how it all works - poorly managed development that is. Notice the comments were turned off!
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