Anyone?
As a olive branch, I'm fine with sunsetting the inheritors getting the same Prop 13 tax rates
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CA Property Taxes
- Thread starter rts265
- Start date
As a olive branch, I'm fine with sunsetting the inheritors getting the same Prop 13 tax rates
I’ll bite the bait and say anything with natural resources in it for $100 Alex.
Does California's homestead exemption mean less of the homesteaded property's assessed value is subject to property tax, or does it offer any sort of property tax deduction/benefit?
Your house has appreciated by how much in that time?
Now take it’s current value and multiply by 1 percent. That would be roughly a little bit less than what it would be taxed at without Prop13.
Which would you prefer to pay?
Ok. But in my example both people own an asset class with similar values. Your comparing income but then ignoring that both own an expensive property and the older individual certainly has significantly more equity.
Glassdoor's starting salary in for a software engineer in SF is $77k-$130k. Payscale says the average software engineer salary is $117K. $148K is 90th percentile according to them.
How many entry level "kids" are getting $200K in SF, aka 33% above the 90th percentile overall? I've got the farm on close to none. People aren't coming out of college, en masse, with a bachelors, and knowing how to do $200k/year big data/machine learning/biomed nano-tech etc.
Yes, I'm sure someone knows some kid who tested out of 1000/2000 level math classes when they were 16, literally worked with Stallman at Berkeley, literally got marched through the hills having a one-on-one interview with Zuckerberg, and got a quarter milly. That's not really a representative example.
The old person in the example, I hope they have a flying carpet or unicorn for free under transportation costs so we have a uniform departure from reality in this comparison.
My first job where my computer engineering degree mattered, in 2005, I was making $16/hr and as a contractor, so that was an extra ~7% off the top with no health insurance, not that I wanted it at 25 y/o.
Every time I read about actual real estate transactions or read a testimonial, there is always "money from China/Asia" or "money from Russia" and this is happening all over California, Seattle, Vancouver...
I'll refer to Bird's graphs of home prices vs. income in LA and SF. You treat houses like an investment vehicle and then start talking about Norman Rockwell-era mindsets of what a single American family can afford...
You're showing up to a Wall Street coke party in the 1980s with a baggie of stick schwapper you bought at Woodstock, and no brown acid. Just, no.
How many entry level "kids" are getting $200K in SF, aka 33% above the 90th percentile overall? I've got the farm on close to none. People aren't coming out of college, en masse, with a bachelors, and knowing how to do $200k/year big data/machine learning/biomed nano-tech etc.
Yes, I'm sure someone knows some kid who tested out of 1000/2000 level math classes when they were 16, literally worked with Stallman at Berkeley, literally got marched through the hills having a one-on-one interview with Zuckerberg, and got a quarter milly. That's not really a representative example.
The old person in the example, I hope they have a flying carpet or unicorn for free under transportation costs so we have a uniform departure from reality in this comparison.
My first job where my computer engineering degree mattered, in 2005, I was making $16/hr and as a contractor, so that was an extra ~7% off the top with no health insurance, not that I wanted it at 25 y/o.
Every time I read about actual real estate transactions or read a testimonial, there is always "money from China/Asia" or "money from Russia" and this is happening all over California, Seattle, Vancouver...
I'll refer to Bird's graphs of home prices vs. income in LA and SF. You treat houses like an investment vehicle and then start talking about Norman Rockwell-era mindsets of what a single American family can afford...
You're showing up to a Wall Street coke party in the 1980s with a baggie of stick schwapper you bought at Woodstock, and no brown acid. Just, no.
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So when we bought our place, the house next door was owned by Maria.
She was swing shift seamstress supervisor for Levi's when they still ran a factory on Valencia St in the Mission District (just 100-150 yards from Zeitgeist, a bar of minor renown).
Her brother Renzo just lived a block and a half away. (I liked her other brother, David. He had moved to Mill Valley. Renzo was a bit of a blowhard and talked down to Maria, even to me.)
Anyway, she bought the house in the early 50s with her hubbie ("He had a terrible temper, and was most nice when he was fishing.") and never had children.
Then 15 yrs later, she died after forgetting everyone...last words to us (before her extended family moved her), "I don't know you, but I like you."
A young couple moved in. They had a 1 yr old when they moved in, and then had another. They paid 3x as much as us for the house than we did for ours. Both are essentially the same homes.
Then last summer, they moved.
New couple from Austin, TX moved in. They paid 4x as much as us for the house. They have two kids.
They are like like a lot like others people with kids that I know, and not much different from us, except younger and better paid than us. They work a lot, don't get a lot of sleep (two kids under age of 4), and thankfully don't surf. Don't seem like other millionaires, except he doesn't always shut his fence gate and then it bangs in the wind, and hey, I just replaced that fence two years back, shut the damn gate and lock it when you aren't going through it!
So Prop 13 reassessments don't seem to stop everyone, even in spendy SF.
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During the 2008-2010 crunch, my tax bill didn't go down...went up slower at least.
Where are the death panels when you need them?
I wrote "some cases"-I realize not all, or even most, new techies are getting that kind of money. But how do you explain the rents in SF? Buddy of mine bought a one BR condo to be a rental on 3rd for almost a mil. I thought he was crazy, but he rented it for $4,500.00 to a single tech guy. That's on 3rd, and not near the ball park. Better parts of town go for way more. There are tons of duplexes in the Presidio renting for 12k. Of course not all of these tenants are tech "kids" but the fact is there are plenty, and I mean plenty of folks earning half a mil as a couple, and they are bidding up these homes when they buy, and yes, they can afford the PT now and into the future because their income will dwarf what the 80 year old made.
They pay 12.00 for half a sandwich at Wise on 24th, then 4.5 for a coffee at Philz. 300.00-400.00 for for a steak dinner at Epic for two, and on and on. Think they don't have money to pay the PT? It might be cause they are paying 20k to send their kid to grammar school, and almost as much for childcare. This is SF today, and it is why many people who make normal amounts of money are fleeing. So yeah, if you can pony up a mil for a shack pay the PT or don't buy.
There is inflation, and every generation views 20.00 differently. I'm 61, and when I was a kid a candy bar was .05 When I turned 16, I could buy enough gas to get most anywhere with a few bucks. I caddied at the olympic club and got paid 4.00 for a round. The tip was 1.00-5.00 for four hours of carrying a bag. And that was good money.
I have a client that talks about money much differently -he throws around numbers like 30k like I would talk about 500.00 He's 20 years younger and make a fraction of what I pull in, but his ideas about the value of money are much different. When I imagine how an 80 year old views it vs. a 25 year old it seems there is no meeting of the minds. Same as the issue of PT it seems.
13 may in fact be altered or gutted at some point-it seems inevitable. No one will benefit except the folks who do business with the City and State governments.
They pay 12.00 for half a sandwich at Wise on 24th, then 4.5 for a coffee at Philz. 300.00-400.00 for for a steak dinner at Epic for two, and on and on. Think they don't have money to pay the PT? It might be cause they are paying 20k to send their kid to grammar school, and almost as much for childcare. This is SF today, and it is why many people who make normal amounts of money are fleeing. So yeah, if you can pony up a mil for a shack pay the PT or don't buy.
There is inflation, and every generation views 20.00 differently. I'm 61, and when I was a kid a candy bar was .05 When I turned 16, I could buy enough gas to get most anywhere with a few bucks. I caddied at the olympic club and got paid 4.00 for a round. The tip was 1.00-5.00 for four hours of carrying a bag. And that was good money.
I have a client that talks about money much differently -he throws around numbers like 30k like I would talk about 500.00 He's 20 years younger and make a fraction of what I pull in, but his ideas about the value of money are much different. When I imagine how an 80 year old views it vs. a 25 year old it seems there is no meeting of the minds. Same as the issue of PT it seems.
13 may in fact be altered or gutted at some point-it seems inevitable. No one will benefit except the folks who do business with the City and State governments.
Talk about a trainwreck.
You want an educated teacher, but they shouldn't make enough to buy a home anywhere near where they work.
Yeah, that's awesome.
Maybe that's the reason there's a teacher shortage in CA.
You want an educated teacher, but they shouldn't make enough to buy a home anywhere near where they work.
Yeah, that's awesome.
Maybe that's the reason there's a teacher shortage in CA.
The same way I try to explain rents/housing costs in Los Angeles or Vancouver, which appear to be experiencing the exact same thing?
I don't know if it's overseas money, or that the homes are debt, not assets. When I see a graph like the one bird posted showing income in a city vs housing in a city with that kind of disconnect, I stop (solely) pointing at incomes of the people in that given city, because they're obviously no longer as closely correlated vs other real estate markets.
It appears in the greater SF/SJ area, at least according to Vox, the rents have disconnected from home prices, and aren't going up nearly as much as the price of the homes themselves.
Even tech workers can’t afford to buy homes in San Francisco
In tech’s capital, even programmers with six-figure salaries are struggling to afford studio apartments.
www.vox.com
Looking at the bond markets and the stock markets, perhaps, in the hunt for yield, economic hotbeds like SF represent attractive investments where the asset will increase in value (eg rising home price), and the income the asset provides (rent) sound attractive when something like 30 year German government bonds have negative yields.
That is the Dogpatch neighborhood. Hell's Angels clubhouse neighborhood, just down the hill from where OJ Simpson grew up. Lots of techbros and techbras there. They pretty much all make more than me.
It is interesting to see "regular' homes being sold by Sothebys and other names one generally associates with mansions on 20 acres.
For sure. Also the new UCSF campus is there, so is the new Kaiser. So Docs, Grad students and professors are all over that area. Still, if you saw the condo-the front door is on 3rd. It opens and you are in the BR. Up a flight of stairs is the LR/Kit/Dr and up another flight is a small loft. One parking space, and you have to use a can opener to get a car into it. A million bucks for that? My buddy told a few weeks ago it's already worth like 1.2 mil.
Yeah, teachers are the reason! STUPIDEST POST EVERRRRRR! Do da 3rd grade math mouth breather!
Easy to blame those who are helping society! Look in the mirror, what are you doing for humanity except pointing fingers? Koook!
trust me im doing a lot more than most of these overpaid incompetent k-12 teachers. sorry u so mad.
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