This is a good illustration of bad tax policy, specifically Prop 13.
Zoom in on a residential street, particularly in the Bay Area, and you will see a row of houses which are roughly equivalent in value. Some homeowners pay several times as much annual property tax as their neighbors, because they bought their homes more recently and paid more for them.
That's kind of insane, and nobody would design the property tax system that way if they were starting from scratch.
Zoom in on a residential street, particularly in the Bay Area, and you will see a row of houses which are roughly equivalent in value. Some homeowners pay several times as much annual property tax as their neighbors, because they bought their homes more recently and paid more for them.
That's kind of insane, and nobody would design the property tax system that way if they were starting from scratch.