> So if I bought my house in 1955, I might pay $100/year in property tax
Ok it's fine to point out drawbacks of Prop 13, but making up stuff doesn't help.
Prop 13 baseline assessment used 1976 values, so buying in 1955 doesn't make any difference, it still started on 1976 valuation.
It goes up 2% every year, so for this scenario we're talking about a house that was worth well under 10K in 1976. The median house price in the US in 1976 was 48K (so surely higher than that in California).
Eh, the order of magnitude difference is pretty spot-on.
Housing prices are absurd, and their rate of increase massively outpaces the rate of increase for pretty much every other thing a person would purchase.
Ok it's fine to point out drawbacks of Prop 13, but making up stuff doesn't help.
Prop 13 baseline assessment used 1976 values, so buying in 1955 doesn't make any difference, it still started on 1976 valuation.
It goes up 2% every year, so for this scenario we're talking about a house that was worth well under 10K in 1976. The median house price in the US in 1976 was 48K (so surely higher than that in California).