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Re: How California Became America’s Housing Market Nightmare

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@GailL1 wrote:


OK, but what I am not understanding is why do this for everybody and not just those who need the financial help with their property taxes because of being low income / being old or being disabled.

 

There are certainly enough financially well off people in CA. to pay their unsubsidized property taxes - Aren't there?

 

So when they sell their homes - say, they are moving to another state or to a cheaper property within CA - they get a pretty penny for their home in CA - so does CA tax this sell amount over and above what value that was previously assigned?

 


When we sold our home in Ca. in 2004  we sold for  a bigger price that we bought the house to beging with . but I do not recall that the State of Ca. came after me to taxes on the house that I had sold previously. for a higher price.

2004 

VTW Califronia has the 5th largest economy in the World.  so please don't tell me that we could not secede and survive quite quite well

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Re: How California Became America’s Housing Market Nightmare

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@GailL1 wrote:

@sp362 wrote:



That is the way the proposition was written by Howard Jarvis years ago.  Once you buy a property, the amount you paid for it is the amount you can be taxed (1%), minus a $7,000 homeowner's exemption.  This amount can only be increased by a maximum of 2% a year.  This allows long term homeowners to be able to stay in their current houses at lower rates.  If you sell your house and buy a new one, then your purchase price becomes your new base, unless you are over 55 in some counties in which case you can take your base with you.

BTW, these percentages are true for everybody buying in.  So even new buyers have protections in a housing market with rising prices.

 


OK, but what I am not understanding is why do this for everybody and not just those who need the financial help with their property taxes because of being low income / being old or being disabled.

 

There are certainly enough financially well off people in CA. to pay their unsubsidized property taxes - Aren't there?

 

So when they sell their homes - say, they are moving to another state or to a cheaper property within CA - they get a pretty penny for their home in CA - so does CA tax this sell amount over and above what value that was previously assigned?

TIA


Actually, this keeps people from being taxed out of their homes in a rapidly appreciating market.  How many could afford having their property taxes increased by 10% to 20% a couple of years in a row?  I am sure lenders also appreciate this since it makes their calculations on home affordability much easier.

Remember, every time that any home is resold, it is taxed at the new purchase price, except for the one time 55+ exemption that I previously wrote about.

Taxable windfalls (which would be treated as ordinary income) are not tied to the tax base, but to the original purchase price.  There are rules about a one time "windfall" (I believe it is a Federal rule) but any income above this amount or if you already took the "windfall" would be taxed as ordinary income in a state that has a state income tax.

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Re: How California Became America’s Housing Market Nightmare

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Message 3 of 39

Does not seem to be any easy access to tax foreclosures, BUT the average property tax on private homes is under $3,700.00/year and from what I could find, a goodly nuimber of the foreclosures are on abandoned property.

 

On the other hand, BANK foreclosures for 2006-2009 total a shade over TEN MILLION, and most of those homes are now rental properties and "off the market" as homes available for purchase.

 

Seems obvious the villian is STILL the Republican legislation that permits wholesale predatory lending, and the results of GOPers War on Education and the Educated that provides the fodder for the financial predators be they mortgage brokers, pay-day loners or buy here - pay here car dealerships.

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Re: How California Became America’s Housing Market Nightmare

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@sp362 wrote:



That is the way the proposition was written by Howard Jarvis years ago.  Once you buy a property, the amount you paid for it is the amount you can be taxed (1%), minus a $7,000 homeowner's exemption.  This amount can only be increased by a maximum of 2% a year.  This allows long term homeowners to be able to stay in their current houses at lower rates.  If you sell your house and buy a new one, then your purchase price becomes your new base, unless you are over 55 in some counties in which case you can take your base with you.

BTW, these percentages are true for everybody buying in.  So even new buyers have protections in a housing market with rising prices.

 


OK, but what I am not understanding is why do this for everybody and not just those who need the financial help with their property taxes because of being low income / being old or being disabled.

 

There are certainly enough financially well off people in CA. to pay their unsubsidized property taxes - Aren't there?

 

So when they sell their homes - say, they are moving to another state or to a cheaper property within CA - they get a pretty penny for their home in CA - so does CA tax this sell amount over and above what value that was previously assigned?

TIA


* * * * It's Always Something . . . Roseanne Roseannadanna
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Re: How California Became America’s Housing Market Nightmare

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@aruzinsky wrote:

\Look  not offense, but it is quite obvious that you don't understand the California culture of  how Californians view their properties. I now live in a place in  Florida that people do live all their lives int he same house, very seldom most of them ever upgrade their homes, and would you believe that they even park their cars in the front of their lawns, and think is OK?
When, I first came here from California I couldn[t believe what was for sale and the manner in which those homes were kept.  They have  no concept of upgrading their homes with the mentality of a future sale..

We have lived herefor 15 years now, and my house has been completely upgraded and even additions have been made. so my house competes with any new built home in the area. 
Of course and unfortunately, the equity in this place is very poor but still, I can't live in a house that is not upgraded. 
 They don't bother to deal with their front of back yeards, they do mow their laws, but that is it. We have our home completely landscaped and people when they come to my home they really complement us for how our backyard looks.. 
They will never have the mentality of the homeowners of California and i suspect that is one of the reasons that their property really never increases in value the way it should.

 


 

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Re: How California Became America’s Housing Market Nightmare

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Message 6 of 39

Are there not enough houses burning down from wildfires to influence the housing market?

 

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Re: How California Became America’s Housing Market Nightmare

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@aruzinsky wrote:

It's never nothing.

 

What I would like to see, that I have never seen before, is statistics on how many people were made homeless by tax foreclosures.  It seems like there is a government conspiracy to cover this information up.

 


So where are your "statistics" on how many were made homeless by tax foreclosures?

 

I omitted your comment about Warren and the Wealth Tax, also the erroneous comment trying to compare the Wealth Tax to real estate taxes. Also, I doubt any of the wealthiest would go into bankruptcy because of the Wealth tax.

 

Click the button


"The only thing man learns from history is man learns nothing from history"
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Re: How California Became America’s Housing Market Nightmare

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@sp362 wrote:

 


Since I am not a liberal, I am not EMBARRASSED by a liberal saying something that I would consider stupid.  I may or may not challenge it.  Since you pass yourself off as a conservative, like I am, when you make ridiculous statements, it is embarrassing.  You will have to refresh my memory about RYKER (or do you mean Rker) saying their home town sank into the sea.


I would greatly and I am sure many would also appreciate if all posters would have the courtesy to delete the parts of the post that they are not answering, as all can see that they have become unreadable. so please delete the parts that you don't use.
Now, what about my hometown dropping onto the sea> LOL LOL LO you mean California. not just seceding would be ok. LOL LOL  LOL I am  going to say. that in my personal view. most of the homeless in California are probably from the south that thy have decided that California would provide them with what their hometown would never do for them . lOL LOL LOL
But we in California are in the habit of welcoming people. 

 

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Re: How California Became America’s Housing Market Nightmare

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Message 9 of 39

@GailL1 wrote:

@rker321 

 

California can't afford to secede from the Union - they get too much money from the Union and don't collect enough taxes to stand on their own.

 

But a question on this Prop 13 - I believe it is a State-wide tax law.

What I do not understand about it is since Prop 13 is a taxation matter, why do they attach the reduced tax to the actual property rather than just giving a reduced taxed based on the property owners age, income, disability? 

 

IOW - people pay taxes, not property.  Should not the focus of any reduced taxation be based on the description of the person paying them and not a physical property?


That is the way the proposition was written by Howard Jarvis years ago.  Once you buy a property, the amount you paid for it is the amount you can be taxed (1%), minus a $7,000 homeowner's exemption.  This amount can only be increased by a maximum of 2% a year.  This allows long term homeowners to be able to stay in their current houses at lower rates.  If you sell your house and buy a new one, then your purchase price becomes your new base, unless you are over 55 in some counties in which case you can take your base with you.

BTW, these percentages are true for everybody buying in.  So even new buyers have protections in a housing market with rising prices.

 

BTW, California is one of 11 states that send more money to the Federal Government, than is returned to their state.

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Re: How California Became America’s Housing Market Nightmare

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Message 10 of 39

@rker321 

 

California can't afford to secede from the Union - they get too much money from the Union and don't collect enough taxes to stand on their own.

 

But a question on this Prop 13 - I believe it is a State-wide tax law.

What I do not understand about it is since Prop 13 is a taxation matter, why do they attach the reduced tax to the actual property rather than just giving a reduced taxed based on the property owners age, income, disability? 

 

IOW - people pay taxes, not property.  Should not the focus of any reduced taxation be based on the description of the person paying them and not a physical property?


* * * * It's Always Something . . . Roseanne Roseannadanna
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