This. The original stated intent of Prop 13 was people not being able to afford to stay in their homes due to rising property taxes. OK fine, but when you sell your house for $2 million, you most definitely can afford it, and you should pay up, with interest.

This is what I've been saying for years. I didn't know anyone had implemented it.....looks like they have an 8% interest rate, that's crazy high for the situation.

Texas also has a value increase cap for owner-occupied residences, though not as generous (10% per assessment, since the state uses three-year assessment periods).

> Why should we be giving tax breaks to people who have seen incredible appreciation of their homes. Those are the last people who should be getting tax breaks.

It's about not forcing people to move because he area they live in appreciates suddenly. Basically, the same argument as rent control. That an owner gets to cash out some value is cold comfort when their life is uprooted against their will.

Maybe your parents didn’t teach you empathy when you were growing up, as is so prevalent these days. There are millions of retired people on fixed incomes who bought their homes when they were normally priced. For example, my grandparents bought a house in Los Gatos for $30k in 1969 and now it’s priced at $1.4M. Is that their fault? Why should elderly people, who cannot take the stress of being uprooted and moving, be forced to sell their homes and lose their balance sheet savings in the process? If anything, discounts on capital gains and property taxes should be based on both income and balance sheet apart from real estate ownership. What if that were you?

wilshire country club in LA is probably taxed like its 1880 and covered in cattle shit again.