Property taxes going ... down?
From Curbed.com blog
By Curbed.com, Thursday, September 3, 2009.
California's Proposition 13 is no stranger to flak, especially whenever the state finds itself out of cash, which is apparently always. The decades-old proposition capped real estate taxes at 1 percent of the property's cash value, never to go up by more than 2 percent -- but they may actually go lower next year for the first time ever.
Blame/thank deflation if you must blame/thank anyone, but it's tough times all around for everyone anyway, isn't it?
Reposted with permission from Curbed.com. Click here to view original post.
Copyright (c) 2009 Curbed.com LLC
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Submitted by Victor Lund on September 4, 2009 - 6:31am.
This is an irresponsible 'news report.' Anyone that believes that the cash strapped State of California will not increase homeowner taxes the maximum 2% per year under Proposition 13 is absurdly mistaken.
Housing deflation will reduce the state's income from housing taxes for the first time in 79 years, but you can bet your last dollar that they will increase the maximum 2% every year on every homeowner.
Victor Lund
Partner
WAV Group
http://waves.wavgroup.com
http://www.wavgroup.com
Submitted by Utah Realtor on September 8, 2009 - 10:11am.
That would be really nice to have a property cap tax. The problem for California is they're going to have to come up with the tax revenue somehow to pay for government to function.
Alan Barker
Cornerstone Real Estate Professionals
http://www.utahcornerstone.com
http://www.utahrealestate4sale.com