Quote Originally Posted by Spartana View Post
in Calif part of our Prop 13 property tax rules allows for other things than just keeping taxes at 1% of the purchase price with annual increases of no more than 2% on prop taxes. It also includes a one-time transfer of your homes original property tax basis (usually original purchase price) to a new home if you are 55 and the new home you buy is of equal or lesser cost than what you sold your old home for. Another Prop allows for the transfer of property between child and parent or grandparent without increasing the property taxes on the house no matter what the child paid the parent for it.
I hope you Californians recognize what a sweetheart deal this is! Yes, real estate in California is pricier than in many other areas. Yes, some of the state is going broke. But, short of rent-controlled apartments in New York City, I can't think of any other place where property taxes aren't going up Up UP. On our home, median-priced for the Twin Cities market, we're paying about $200 a month in property tax, not to mention the "fees" we've been paying so politicians can boast they've kept our property taxes low. And it wouldn't matter if we bought our house from the Governor hisself. On my investment property, the tax is going up by about a third next year. Not that I think everyone should cap their property taxes like this. But please recognize it for the screamin' deal it's been over several years.