There’s California’s Prop 13, the (in)famous piece of legislation passed in 1978 that capped property taxes at 1 percent of their full cash value. And then there’s San Francisco’s very own assessor, who just started a "long-term, grass-roots campaign" to alter Prop 13’s restrictions on property taxes.

The Close the Proposition 13 Loophole committee is supposed to one day help increase the amount of cash rolling into the state’s bank account, but probably won’t do much to ease California’s fiscal hurting anytime soon.

There’s California’s Prop 13, the (in)famous piece of legislation passed in 1978 that capped property taxes at 1 percent of their full cash value. And then there’s San Francisco’s very own assessor, who just started a "long-term, grass-roots campaign" to alter Prop 13’s restrictions on property taxes.

The Close the Proposition 13 Loophole committee is supposed to one day help increase the amount of cash rolling into the state’s bank account, but probably won’t do much to ease California’s fiscal hurting anytime soon. Just take into account the support for keeping what could potentially be a hefty tax capped at a dainty fraction.

In the meantime, the idea is to eventually do something like increase taxes on commercial property, or reassess property values more often. Could the fun times be ending?

Reposted with permission from Curbed.com. Click here to view original post.

Copyright (c) 2009 Curbed.com LLC

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