In CA, Proposition 13 created limits increases and you would think it would prevent drastic overall property tax increases and the tax revenue would be fairly stable. In reality the run up in prices after 2020 has been an absolute windfall for cities and has cost property owners big time. For example, LA’s budgeted property tax revenue went up 14.6% from 2022 to 2024, an absurd increase far exceeding the general inflation level but something cities and counties have come to expect.
While I think property taxes (or some replacement) are absolutely necessary in a functioning society, in my experience they way they are implemented is ridiculous and the reason for this kind of initiative.
In CA, Proposition 13 created limits increases and you would think it would prevent drastic overall property tax increases and the tax revenue would be fairly stable. In reality the run up in prices after 2020 has been an absolute windfall for cities and has cost property owners big time. For example, LA’s budgeted property tax revenue went up 14.6% from 2022 to 2024, an absurd increase far exceeding the general inflation level but something cities and counties have come to expect.
While I think property taxes (or some replacement) are absolutely necessary in a functioning society, in my experience they way they are implemented is ridiculous and the reason for this kind of initiative.