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?
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