I read somewhere that when Prop 13 passed, revenue from property taxes was $5 billion and now its over $40 billion.
The real problem is that our interests are not represented in Sacramento.
So? Prop 13 passed in 1978. How much has the value of the property increased in that time? Have property tax revenues even kept up with inflation?
Prop 13 actually made it more attractive to buy property, which caused its value to go up and more housing to be created and taxed.
The same thing happened in Boston in the 1980's. Property taxes were slashed and then values doubled in within a decade.
The same thing always happens when you stop taxing something to death. It recovers, grows, flourishes.
I read somewhere that when Prop 13 passed, revenue from property taxes was $5 billion and now its over $40 billion.
The real problem is that our interests are not represented in Sacramento.