So for the people who live in CA you are probably familiar with prop 13 and for those who don't live in CA it is a law that limits how and when property taxes can increase. This law has created some ridiculous situations. As with all laws it can be exploited and in some cases is taken advantage of and benefits ultra wealthy people and corporations but it also benefits long time property owners who happen to own property in places where VERY wealthy neighborhoods grow up around them while they wouldn't normally be able to afford property where they are.
What is everyones thoughts on this proposition? I have heard that they are currently putting forth efforts in Sacramento to get rid of it. I don't know if they want to replace it with something else or just get rid of it.
I know for me I live on family property that my grandmother purchased in the '60's and the area back then was very isolated and very cheap. Over time millionaires have moved in and built mansions all around us raising the property prices to the point where very few people would be able to afford to live in the area and buy property unless they were millionaires.
I am worried because we could literally be taxed out of being able to afford our home should a reassessment happen and the taxes were adjusted based on the current value of the property. I am sure this is not the most common situation but I am sure it isn't an insignificant amount of people in a similar boat across the state.
I hope that rather than getting rid of prop 13 completely they adjust it or change it to make sense.
I am not an expert on this subject so I would like to hear other peoples opinions on the matter. Maybe I am worried about nothing?