Latest Breaking News
In reply to the discussion: Overturning of Prop. 13 sought in lawsuit (California) [View all]JDPriestly
(57,936 posts)the property taxes in other states?
I think the rates are lower, but because properties here are so overvalued, the amounts collected are about the same.
One of my relatives lives in a community in another state in which property taxes are considered to be very high. She and I pay about the same amount on our houses. She has a much nicer house on a much bigger lot, but her house is smaller than mine, so I figure that while my house cost more,our the houses are really of comparable value.
I don't think our property taxes if figured in dollar amounts are all that low. And remember that our taxes increase by a certain percentage every year.
Also, every time a property is sold, the tax base on it is recalculated based on the most recent sales price. That means that the taxes collected at the peak of the bubble were exceptionally high. So in addition to a housing bubble that was way over the top in California, we also had a tax bubble that was way over the top. Where did the money go?