Thursday, February 14, 2013

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. 

7 comments:

JP said...

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.

Property Flopper said...

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.

Rob Dawg said...

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.

Cinco-X said...

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...

w said...

Morning Rob,

Did you catch the Star's piece on the theater fiasco in Oxnard?

Rob Dawg said...

Catch the piece? I've been waving that warning flag for years.

w said...

I thought it was really interesting how it all works - poorly managed development that is. Notice the comments were turned off!