Attitudes of the uber-rich

[mcski]

It’s not really lucking into anything. Why should someone be penalized because they are older and have lived somewhere longer ? You’re just kicking the same can down the road. Everyone that purchases a home in Ca benefits from prop13 at some point regardless of when they bought. Seems pretty fair.

If you want unfair, check into how corporations game the system so the rate doesn’t increase ever

Seriously? The property comment was just to show how stupid your entire premise is here.

[J. Barron DeJong]

It’s not really lucking into anything. Why should someone be penalized because they are older and have lived somewhere longer ? You’re just kicking the same can down the road. Everyone that purchases a home in Ca benefits from prop13 at some point regardless of when they bought. Seems pretty fair.

If you want unfair, check into how corporations game the system so the rate doesn’t increase ever

Seriously? The property comment was just to show how stupid your entire premise is here.

Everyone doesn’t benefit from Prop 13 is my point. It actually makes things worse for a lot of people!

And to unicorn’s point, we have all these other taxes, which are all worse forms of taxation but we have to rely on them more than we should because Prop 13 fucked up property taxes.

I mean, the fact that it was pushed by small government anti-tax crusaders, and that commercial real estate was included kind of gives up the game that keeping granny in her home was the primary driver for Prop 13.

[MagnificentUnicorn]

So lobby to get an initiative to change that. It shouldn’t cover second homes, rentals and commercial property


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[J. Barron DeJong]

So lobby to get an initiative to change that. It shouldn’t cover second homes, rentals and commercial property


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Seems like you’re admitting that Prop 13 does suck balls in some respects.

Anyway, I think I’ve said all I want to say on this.

[mcski]

Seems like you’re admitting that Prop 13 does suck balls in some respects.

Anyway, I think I’ve said all I want to say on this.

Wow, your clueless. Prop13 hurts no one. Except maybe schools that lost a lot of funding that used to come from property taxes. That negative could be made up elsewhere though if people felt that strongly about it - which they obviously didn’t or it wouldn’t have passed in the first place.

The areas he pointed out that were Prop13 really shouldn’t cover don’t support any of you ridiculous argument though.

[TahoeJ]

Just to try to clarify...

Families A & B buy their houses for $100,000. 20 years later the local economy explodes and there's a shit load of relatively wealthy people, and because of their purchasing power the valuation of homes in the area skyrockets. Younger families C & D buy similar homes for $1 million each in the same neighborhood. They pay WAY more in taxes because their purchasing power is precisely what caused home valuations to go through the roof. That shouldn't fuck over families A & B.

And sure, because of C & D's wealth, the value of A & B's home is worth a lot more, but that doesn't mean shit unless they sell and move. What if they don't want to move?

Even *with* prop 13 most of the locals I grew up going to school with have been priced out of my hometown.

[shroom]

make the youth pay for it

[J. Barron DeJong]

Prop 13 raises house prices! Especially for young families!

[abraham]

I stayed in a house this spring where the property tax went up ~20x upon the death of the parents. I suspect it's a bit of an outlier but as an outsider it was hard to believe how low the tax had been.

[old goat]

Prop 13 seems to be getting blamed for societal problems to which it is at most a very minor contributor, if at all. Yes prop 13 only benefits those who can afford to buy a home. The problem here is gross income inequality in this country. Getting rid of Prop 13 won't fix that. Housing is scarce and expensive in much of the country. Getting rid of Prop 13 won't fix that problem in California.
You want to talk about tax equity--let's talk about the LTCG rate, or the carried interest loophole, or the oil depletion allowance, ad nauseum. And I do mean nauseum.
A much more "unfair" housing tax policy is the exclusion for the profit on the sale of a primary residence, without which people in an area with rapidly rising real estate prices could never afford to move, after most of their equity had been taxed away. But the bottom line is that real estate tax policy is never going to solve the fundamental economic problems in this country. At least lets not put the old folks out on the street.

[MagnificentUnicorn]

Seems like you’re admitting that Prop 13 does suck balls in some respects.

Anyway, I think I’ve said all I want to say on this.

It’s been amended before, no?

And no, I’m not saying it sucks. I wish we had something similar in WA. My biggest concern living where I do is being able to pay my property tax as I approach retirement.

There’s little relief for seniors, you can get an exemption from voter approved levies in your assessment but you have to make less than 48k a year. Deferment is just kicking the can down the road, it would eat all my equity by the time I die or sell to move into a senior living apartment and then I wouldn’t be able to afford that.


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[Conundrum]

No prop 13 here. I’ve lived in my house just over 20 years. Just got my assessment on new tax rate. The annual tax is 1120% of the first year I owned my house. I can’t imagine it will increase another 1120% in the next 20 years but if it does, my monthly property tax bill will be more than my social security check.

My house is the exact type of house old people would want to downsize to-small, single story, close to medical services. Young people have future earning potential. Old people on fix income will not be able to afford the houses they “own” and pay for.

For most people, their biggest asset is their home. Deferring the tax until the sale may mean that moving into assisted living wouldn’t be possible for many. Talk about aging with grace and dying with dignity.

I would be more inclined to adopt prop 13 style laws than get rid of them.

I guess young people deserve to have their starter homes in nice places…

[Mazderati]

DeJong bringing receipts. All this concern about old fucks continuing to live their best lives and nothing for young fucks trying to put a permanent roof over their heads.

[Conundrum]

It’s because we’re getting older. You want to post like Dejong, head over to Newschoolers.

[Mazderati]

Perspective replaced by bad breath.

[dan_pdx]

It’s because we’re getting older. You want to post like Dejong, head over to Newschoolers.

Aren't the Newschoolers kids all in their late 30s by now?

[MagnificentUnicorn]

DeJong bringing receipts. All this concern about old fucks continuing to live their best lives and nothing for young fucks trying to put a permanent roof over their heads.

Young people can put a roof over their head just like I did. It was expensive and I had to work full time and my expectations weren’t luxury and desirable area until I got older and made more money and learned how to budget.

I have kids in their 20s and they’re about in the same spot that I was in, renting and trying to figure out this adult thing. From my observation, the young people seem to be making it work, or not. Life is hard and you have to work at it.


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[evdog]

Is it really young people driving price appreciation? Seems like a lot of young people are struggling to be able to buy homes.

At the same time you have people buying second (or more) homes, people buying homes to use as short term rentals, house flippers driving up value, off shore investors buying homes with cash and large institutional investors buying up entire portfolios of condos and single family homes.

All that has got to be having a big impact on prices in many markets.

[El Chupacabra]

I live in Nevada, which has a 3% cap on annual real property tax increase for your primary residence. It doesn't transfer with you -- so, for example, if you sell your existing house and move to another, you pay the actual assessment for that first year in the new place, and then the new place is subject to that 3% cap on increases.

We've lived in the same house since 2012. I just got my annual tax bill, and my total annual tax is $8498, with an abatement amount of $2195, so a net annual tax of $6305. So, since 2012, Nevada's 3% cap saves a decent amount year over year -- IIRC, when we moved in, annual taxes were around $5000 per year.

[Mazderati]

Oh, look. It's the boots straps / stop buying lattes trope. Old fucks could work until they die to stay out and pay taxes but young fucks with perspective know that is not reasonable. Yer breaf stank.

[Dantheman]

Young people can put a roof over their head just like I did. It was expensive and I had to work full time and my expectations weren’t luxury and desirable area until I got older and made more money and learned how to budget.

I have kids in their 20s and they’re about in the same spot that I was in, renting and trying to figure out this adult thing. From my observation, the young people seem to be making it work, or not. Life is hard and you have to work at it.


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Yeah, my house is worth double what I paid for it 17 years ago (2007, so also pre-crash peak, not a post-crash fire sale), but entry level wages in my field have also doubled. I'll never say that it's easy because nothing about life is easy, but it's doable.

[Conundrum]

Fun how the the Attitudes of the Uber Rich thread started with the true 1% Yellowstoners and Jacksonites but has evolved to attitudes of those with more than you. "Uber rich" all depends on where you're sitting when you're thinking about it.

I know a guy named Rich and he always has a great attitude.

[heckacali]

But is he just average guy Rich or Uber Rich?

[Mazderati]

Spending retirement complaining about higher property taxes in your 2MM property while there is a housing crisis is peak tone-deaf regardless of your income bracket.

[Conundrum]

Phew. I'm 20 years from retirement (hopefully) and my house is worth nowhere near $2m.

My buddy Rich can be Uber Rich depending on how much he drinks. In a good way.