(no subject)

[garote]

This is why I can never own the home I live in.

http://en.wikipedia.org/wiki/California_Proposition_13_%281978%29

For a long time I've felt like the private property system in California was basically slavery ... now I know why.

Comments

[thegoodreverend.livejournal.com]

This is California - in general, your property values go up. This has been true for just about the entire last century, and most of this one.

Prop 13 doesn't outlaw adjustments in value, it puts a cap on the taxes you can be charged. Believe me, value is determined by the market =)

[garote]

Of course Prop 13 doesn't outlaw adjustments in value. What I meant was, it outlaws the adjustment of that "cap".

And value is determined by market, yes. But Prop 13 states that after the point of sale, your property carries a fixed value for the purposes of taxation. That basically takes your property out of the market determination, from that point onward. No matter how much you might (for example) be able to charge for it in rent five years later.