CA_Bgrwldr
Well-known member
Yes, it keeps local governments from taxing you out of your home when you retire, and the Democrats have been trying to repeal or work around for the last 42yrs, and just tried to repeal the commercial part of it last fall, fortunately it failed, but I am sure they will go after it again in 2yrs.That prop 13 law is great if you are a long time home owner, of had a home in the family. Once you move there and pay $2M for a house, you pay taxes on the new amount
$2 million for a home is not common, even in SF Bay area the median home is about $1.3, of course what you pay that for there in my area runs about $150-200k, In my area the median is about $500k, and that gets you about 5 acres and about 2000sqft home with medium build materials. The stuff over $1 million, like my neighbors just sold for, tends to be large homes done in high end materials, or sits on large pieces of property.