Quote:
Originally Posted by dvarapala
Actually the government gets more tax money when people sell their homes thanks to Prop 13. Whenever a home is sold its assessed value immediately steps up to the actual sales price, with a correspondingly higher tax bill. So I encourage people to leave as it only benefits the rest of us who stay behind.  |
This is true. Under the guise of supporting 'renters' they have frozen rents and have tied landlords hands who own rental properties. The landords get fed up, the property sells, and the government gets a tax windfall.
I have a rental property in CA that is worth about 6 times what I paid for it 25 years ago, yet I am not allowed to sell it because of Covid. You can bet when I do get it sold (may have to sue the City of Oakland), whomever buys it will NOT be using it as a rental. I currently pay $5500 per year property tax, plus $440 per year land-lord license, plus about $1800 per year landlord tax. The new owner will be paying $25,000-$30,000 every year for property tax when I sell it. That's a HUGE gain for the city of Oakland to use to provide free injection kits and tarps for the 'homeless'.