五千年(敝帚自珍)

主题:【原创】当前局势的几点看法 -- 井底望天

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家园 百分之二的封顶 is due to Prop 13

very unique issue in California.

In 1970s, the whole America experienced a period of high inflation and real estate turned out to be very inflation-defiant--the value grew fast.

At certain point, the historical cost-market value difference is so large that lots of poor old people can not afford the real estate tax at all. They were inflated by gov. money printing into cashless millionaire. Then in 1977, there was a change to the California CONSTITUTION to cap the annual adjustment to real estate tax base (the cost base of houses).

BTW,not all states have similar laws. And housing inflation was more serious in sunbelt states than the rusted belt states.

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