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A Man of Wealth and Taste
Join Date: Dec 2002
Location: Out there somewhere beyond the doors of perception
Posts: 51,063
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Moses, Thats the benfit of not raising taxes in general. However what are they going to do for money until the "friendliness" starts to work? Buffet let the cat outa the bag...
If property values come down by lets say 40% a $1M house is now 600K, and because the wild swings in property valuation aren't there anymore as a result of having property taxes keep a check on them, then CA becomes more affordable to the rest of the nation. Also property values will be more in line with the rest of the nations property valuation...as you know most places don't have prop 13. Remenber property values in CA were more in line with the rest of the nation before 1978 and prop 13, and homes weeren't considered an investment to make money on...they were just places to live that appreciated with inflation. I remember that all too well in the 60's.
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"Some Observer"
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