Quote:
Originally Posted by Kingfish
Well that?s why the system can?t be fixed the voters and residents of California don?t want to give up the low property taxes. But the high fees/other taxes the state charges businesses and residents to try and pay for the shortfall (it is still not enough) drive new businesses and new residents away as they are the ones paying for it.
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Well in my case I live in an apartment building I bought 8 years ago (with a mortgage). The place was not cheap and my property taxes are $13K per year. It barely turns a profit and the rents basically pay the mortgage.
So in any other state I would need to sell off early cause the property tax increases would eventually eat away at my profits.
So while there are people that bought 35 years ago that fit into your scenario, there are plenty like me that bought within the last 10 too. And California properties are not cheap.
So not sure what the best solution is.