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Can they even cap that? That's a state tax, I feel like that's one that you would need to deal directly with your state to resolve. As someone who lives in one of the highest property tax states, I also wish this could happen...
Be careful what you wish for. California capped property tax increase since 1978 with prop 13 and most experts say this is a major factor in their insanely expensive housing market. Most people are heavily incentivized to never move to keep their low property tax rate, but this in turn prevents most new development and upzoning while simultaneously leading to the worst sprawl in the nation.
It also starves the state of tax revenue requiring them to levy the tax further for new buyers and seek other income streams like heightened income and sales tax. Policies like this somewhat unintuitively only benefit those who are already well off. Renters and younger people gain no benefit and ultimately pay higher property taxes than those who already are financially established enough to own a property.
A healthy property tax disincentivizes housing as a speculative investment, improving the overall market for people who actually live there. There should certainly be breaks for poverty and financial distress but capping or cutting rates broadly encourages speculation. For a basic human need such high degree of speculation benefits nobody.
Isn't that due to the reassessment of property tax when a new owner purchases the property? And wouldn't that be solved if the cap persists regardless of ownership change?
That just puts an insane value premium on older housing stock
That's how it's done in Oregon and we also have high housing costs. The housing costs are more likely tied to the massive demand of people moving to the coasts and lack of housing than property tax rates. The above argument doesn't even make sense to me as someone who moves within California is still only going to own one house so how does that make housing cheaper and more available whether they move or not? It only works if they move out of state and if that's the case, they aren't going to be affected by the property tax increase on a new purchase anyway.
Did those "experts" note that the rest of the country, that people want to live in, have the same insane high prices and yet don't have that cap? No, don't bother I already know the answer and so do you.
Economics isn't a science, it is playtime daydreaming. Which is fine, I enjoy my weekly D&D session. The thing is I know I am not a lvl 12 mountain dwarf fighter.