People are not leaving California because of High Taxes, it's High Cost of Living

[dvan]

17. Prop 13

http://nymag.com/intelligencer/2018/08/california-to-vote-on-partial-repeal-of-sweeping-tax-law.html
Prop 13 capped property taxes at one percent of assessed value at time of acquisition, and limited upward reassessments of property values to 2 percent per year so long as the property didn’t change hands. Over time it has had a profound effect on the entire taxation system in California, and has produced wildly variable property taxes on similar properties, depending on how recently they were built or acquired.”
So if you’ve owned your property since 1979, your home value has only increased a maximum of 2% per year. If my math is correct, you could have bought a house for $200k in 1979 and it would have a value of about $433k and your taxes would only be $4,330 per year. Nice, huh? So theses fortunate people can either stay in their “$433k” home that is probably actually a million dollar home and pay ridiculously low taxes, or they can sell it for a million dollars and move to Texas. Notice the phrase in the prop’s language ... “as long as it doesn’t change hands”. So when the new owner buys the million dollar property, the value is now a million dollars.