“Dwindling property values are slamming the counties and, in turn, the state. Is it time, finally, to repeal Proposition 13?”
An interesting question if doing so meant property taxes would go down. If nothing else, it’s time to repeal how Prop. 13 has frozen property taxes for businesses/commercial properties.
Absolutely not. Raising taxes will increase commercial property operating costs and therefore further lower values. Commercial property is valued like a business, and return on investment (cash flow is the determiner of value) is the whole point. We are in a time when commercial property values are falling as are rents, so let’s just increase costs, lower the values even more and get even less revenues for counties. What are you people, complete dolts?
Repeal? I’ve never heard anyone use the word “repeal” about Prop. 13. We should certainly alter it, to restore some fairness to corporate property taxation. But the protections for homeowners are sacrosanct, as they should be.
The idea, then, is to repeal Prop. 13 so counties can raise property tax rates to make up for dwindling revenues? Yeah. Sure. That will fly.
Not unless someone thinks it’s a good idea to add yet another layer of costs onto businesses (I assume the question does not refer to residential property!).
No, counties would be much worse off without it as the assessment drop would have been much greater.
Dwindling property values would seem to be a poor motivator for getting people to support raising taxes. It will be very tough to convince homeowners that Prop 13 reform won’t negatively affect their pocketbooks.
The problem for counties is not Prop 13. The problem is that the state has given counties mandates without much discretion to the counties to determine service levels.
Absolutely not! It’s time to reduce regulations and lower taxes to help business increase the number of jobs in the region so people can get back to work!
If there’s a will, there’s a way. But Democrats won’t want to give Republicans an issue that might be the GOP’s only chance for political survival in 2012.
Any change will push more people out of their homes. We need to stabilize the housing market before thinking about tinkering with property taxes.
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