Just to recap. We paid the some the highest gas taxes, DMV fees, income tax, sales tax, $800 small business tax, and "green" tax for energy. Also, the State might allow local state and county to assess a local income tax. With all these taxes what happened to the jobs?
OK, here's the lie.
"The number of people who benefit from Prop. 13 is shrinking, and shrinking, and shrinking," said Villaraigosa.
You purchase your house, the County can't raise your property taxes more than 2% a year. Take an example during the bubble years; you purchase a $400,000 house in 2005 that will be your estimated assessed value on your property tax. In 2006, the property is now worth $500,000, however your estimated tax assessed value will be will $408,000.
Also, due to proposition 8 you can lower your home. In 2012, the value of your home is now $300,000, so you can file a re-assessment with your county to lower your taxes. But the base of $400,000 is still increasing 2% every year in the event your home appreciating in price again. Last example, in 2020, your tax base is would be $538,347.34 and if that market value of your house is of greater or equal value.
Mayor Villaraigosa you lie