Before I left, I lived in a condo I bought 20 years earlier, so my property taxes were about $3,500 when I left, well below the cap.
-PJ
I don’t think Proposition 13 is operative any longer. Even so, Mello Roos has been used to mitigate proposition 13 and has become a problem unto itself.
You nailed it.
“I’d think that many long-time California homeowners have their property taxes protected by Prop 13, so it’s the rich Californians in wealthy neighborhoods in new homes who will pay the most.”
The Follywooders, NYCity Rich, Chicoms and other liberals who have bought homes in the past couple of years as their primary or second or third home in a coastal or a elite wino area, who will get hammered by the change in SALT taxes.
As per the following:
“Very wealthy Californians earning more than $1 million a year will pay the lion’s share of that money, with 43,000 of them paying a combined $9 billion.
It’s not all coming from the wealthy. Another $1.1 billion will come from households earning less than $250,000, hiking their tax liability $4400 on average. That’s not peanuts, but it’s a far cry from the average $209,302 per family that will be owed by those households earning more than a million dollars a year.
Put this another way. That represents the federal tax liabilities that everyone else in the country subsidized through SALT. The “progressive” income tax used taxes paid by people in low-tax states to repay the wealthy for their taxes in places like California. The SALT deduction really only comes into play for people who can itemize enough to outstrip the standard deductions, so its benefit plays mostly to the wealthy anyway.
It also plays mostly to the benefit of a very few states. California and New York taxpayers soak up almost third of all benefits from SALT deductions; add in New Jersey, Illinois, Texas, and Pennsylvania, and they account for more than half of its benefits. Taxpayers in most other states end up footing the bill.
Not only do other taxpayers end up subsidizing the wealthy, they also indemnify blue-state politicians against the consequences of their tax policies. Next year, taxpayers in California, New York, and other high-tax states will have to truly pay for their own taxes rather than foist them off on everyone else. When that happens, will high tax rates be politically sustainable? Will the political party that insists on the rich “paying their fair share” celebrate the impact of the rich actually paying their fair share? Probably not, which is the real reason Democrats are running on the repeal of the tax cuts.”
Elite limo liberals like Pelosi, Zuck and those who control Sillycon Valley will get taxed and have to pay more taxes on their multi million $ homes.