Ferrari Mailing List: Re: Palatial Manhattan Penthouse Hits Auction Block as the Market Slumps - The Wall Street Journal.

[Fellippe Galletta (fellippe.galletta]

"All in all - not bad. Just never move"

Or sell, but yeah...very true :)

On Fri, Apr 6, 2018 at 6:30 PM, Doug & Terri <dnt [at] dock.net> wrote:

Kalifornia real estate prices = bad craziness – unbelievable.  BUT there is one silver lining - - Prop 13 passed in 1978.  It limits real estate taxes.  Per Wiki:

“Section 1. (a) The maximum amount of any ad valorem tax on real property shall not exceed one percent (1%) of the full cash value of such property. The one percent (1%) tax to be collected by the counties and apportioned according to law to the districts within the counties.

Proposition 13 declared property taxes were to be assessed their 1975 value and restricted annual increases of the tax to an inflation factor, not to exceed 2% per year. A reassessment of the property tax can only be made a) when the property ownership changes or b) there is construction done.”

Not a bad deal if you bought a house and never moved.  Of course if you DO move, and buy another home in Kalifornia, you get whacked full boat at the purchase price.

All in all – not bad.  Just never move.

 

Cheers

DOUG