Quote:
Originally Posted by Ramsayfarian
A smarter way of doing property taxes would be taking in consideration when a property was purchased and what it is worth now. So if Grandma bought her place for $5000k back in the day she gets a bit of a break.
This wouldn't apply to just bed shitters though. Plenty of folks have bought in areas such as Bridgeland, Inglewood and Ramsay in the 7+ years ago, before the boom and before innercity was desirable, who have some their property increase in value significantly.
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Yeah, this seems like a great idea in theory until you end up like California. From what I understand, they're not allowed to increase property taxes for existing residents, something akin to rent control in NYC. Obviously there's *some* increase but it's very minor. And half of California is currently running massive deficits as a result. I won't claim to understand the whole story here, but it's been tried and has all sorts of unintended consequences - again like rent control in Manhattan.