saintforlife1

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California has this retarded property tax law (Prop 73) which means your property tax can only go up no more than 3% off the purchase price every year.

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It's actually Prop 13. Not 73.

Assed in 1978, California’s Proposition 13 is a constitutional amendment that drastically capped property taxes. It limits the annual property tax rate to 1% of the assessed value (plus voter-approved bond debt) and caps annual assessment increases to a maximum of 2%, unless the property is sold or new construction occurs, according to the LA County Assessor.

How Proposition 13 Works:

- Base Year Value: Properties are reassessed only when a change in ownership (sale/transfer) or new construction occurs, establishing a new "base year value" Santa Clara County Assessor.
- 2% Annual Cap: Until the property is sold again, the assessed value cannot increase by more than 2% per year, regardless of the actual market value increase, say NAIOP | Commercial Real Estate Development Association and Public Policy Institute of California.
- 1% Tax Limit: The maximum property tax is 1% of this assessed value California State Board of Equalization.

Benefits and Impact:

- Predictability: Homeowners can predict future tax bills, avoiding massive spikes when home values soar, according to the LA County Assessor.
- Stability: Protects long-term homeowners from being taxed out of their homes due to rapid market appreciation.
- Tax Relief: Immediately reduced property taxes by roughly 60% upon passage in 1978, notes the Legislative Analyst's Office.

Disadvantages and Critics:

- Inequality: Similar neighboring homes can have vastly different tax bills depending on when they were purchased, as explained by the County of San Luis Obispo.
- Lower Local Revenue: Significantly lowered revenue for schools, libraries, and public services, according to the California State Board of Equalization.
- Lock-in Effect: Homeowners may be reluctant to move, reducing housing market mobility.

All you 2026 formula haters can shut the frick up now. When was the last time you saw 1-2 swap positions like this in the first 10 laps. Let's fricking geaux!!!!

Hegseth just said Trump is going to get American companies into Venezuela to start running things there. Is it time to load up on stocls like XOM, SLB etc? Is there an oil ETF that gives exposure to the entire industry that the MB likes?

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Ford CEO Jim Farley joins CNBC's Phil LeBeau and 'Closing Bell Overtime' to talk the companies decision to scale back EV production.

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Is the AI bubble popping?