THE GRAVE ISSUE OF INCREASING PROPERTY TAX REVENUE

Our good friend Joel Fox, Editor of Fox and Hounds Daily, has penned another great article about Proposition 13 and the political dynamics of property taxes.

 “My fellow Baby Boomers and I can help raise tax revenue for schools and local governments—all we have to do is die. That’s the message I got from this Bloomberg News headline: Boomers Nearing End of Life Seen Helping California Tax Revenue.

The news story reports on a brief issued by the Legislative Analyst’s Office that examines how aging baby boomers die or move to smaller quarters freeing homes around the state for new buyers. Under the Proposition 13 tax system, the property tax cap comes off when a home is sold and taxes are set at one-percent of the new market value established by the purchase price. Given the increase in home values over the years, the LAO predicts such activity would provide a significant boost to property tax revenue.”

Click here to read the rest of the op/ed.

© 2007-2012 Building Owners and Managers Association of California (BOMA Cal)