Zeev's Turnips Patch-No Politics (ZEEV)

[Newly2b]

Of course. I bought my property for $465K 4 yrs ago, now worth $1.3 mil! BUT, and that is a big but, this kind of price appreciation is unusual, AND everyone is pretty much agreed it can't last.

As prices fall back, as they did in the early '90's, one simply requests the county reduce the assessment. I had just bought my first home in '89 (yes, right smack at the top of the market) for $275K. It went down to about $170K in value over the next 4 years, and the county had to cut my tax bill 3 times. It was 12 years before the value went back up to what I had paid, then I sold it, and the county reassessed it to $275K again.

So, unless prices hold steady or increase, I still don't see how eliminating Prop.13 is going to make a significant difference in revenue.

Newly