@privatecoin said:
How long before California taxes you for breathing?
California taxes us to provide services and infrastructure for the 5th largest economy in the world and to help protect some of the most beautiful scenic land and ecosystems on earth.
100% agree.
Also, due to prop 13, passed in 1979, property taxes can barely rise on a year over year basis. That revenue needs to be replaced somehow. I haven't done an in depth analysis but I believe that, as a percentage of total taxes collected, CA likely has nearly the lowest property taxes in the nation.
I'm not going to do data entry for 50 states and DC to get the exact ranking but CA is solidly below average:
Without prop 13 nobody could afford to live in California.
That's how it was originally pitched 45 years ago when California had the best public services and infrastructure in the nation and insane inflation (approx double our recent peak level of inflation ) increased real property values at a rapid pace. But there are unintended consequences to everything. Certainly in some of the high dollar areas moderate income people would be forced to move and that's not an outcome that anybody wants.
However, many of the other taxes would likely be lower. And it's impossible to know but I would theorize that home prices would not necessarily increase as rapidly if the cost of ownership continued to increase just as rapidly.
I'm going to open a can of worms here, I understand that, but I will also say that the taxpayers of California are subsidizing a huge amount of corporations, partnerships, irrevocable trusts, and other business entities which don't have a majority change of ownership when the controlling party dies and so their tax basis doesn't get stepped up essentially ever. The best example is LA country club, the recent host of the US Open.
It also encourages higher property prices. People buy a house based on the monthly payment they can afford. It doesn't really matter to them whether that price is $1500 mortgage + $500 taxes or $500 mortgage+$1500 taxes.
In upstate NY where I am, we have affordable housing costs but the highest property tax rates in the country. It's not a coincidence.
@rte592 said:
Just another reminder not to buy any coins from California.
That's absolutely irrelevant. The tax rules are based on where you live not on where the purchase is shipped from.
Not so, I am required to pay California tax on coins I buy when I am in California even though I live in Arizona.
Not shiped buy bought in person... LIKE I said, > > Just another reminder not to buy any coins from California.
No, a reminder to not buy any coins valued at less than $2k when you're IN California. And even then I'm reasonably confident that most shops would allow you to pay then and ship to you in Arizona to avoid the sales tax. Nevada actually has a much worse sales tax for coins and when I purchased a coin from Northern Nevada in Carson City I paid there and they shipped it to me in California so I could take advantage of the sales tax exclusion.
Many states, including NY, have no coin exemption. [And arguably shouldn't. It's a hobby not food. ] in NY there's a bullion exemption above $1000 but a $10k numismatic coin is fully taxable.
My property tax on three homes and almost 3 acres of land is less than $700 a year. My water sewer and trash bill combined is $65 a month. Yeah I can live without the ocean.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
I don’t know, but if you look at the legislation, it’s probably open ended to continue limiting the amount of exclusion. We recently had a capital gains tax imposed here in WA state I think starting at 250K, I expect that exemption to be continued to decreased.
@privatecoin said:
How long before California taxes you for breathing?
California taxes us to provide services and infrastructure for the 5th largest economy in the world and to help protect some of the most beautiful scenic land and ecosystems on earth.
100% agree.
Also, due to prop 13, passed in 1979, property taxes can barely rise on a year over year basis. That revenue needs to be replaced somehow. I haven't done an in depth analysis but I believe that, as a percentage of total taxes collected, CA likely has nearly the lowest property taxes in the nation.
I'm not going to do data entry for 50 states and DC to get the exact ranking but CA is solidly below average:
Without prop 13 nobody could afford to live in California.
That's how it was originally pitched 45 years ago when California had the best public services and infrastructure in the nation and insane inflation (approx double our recent peak level of inflation ) increased real property values at a rapid pace. But there are unintended consequences to everything. Certainly in some of the high dollar areas moderate income people would be forced to move and that's not an outcome that anybody wants.
However, many of the other taxes would likely be lower. And it's impossible to know but I would theorize that home prices would not necessarily increase as rapidly if the cost of ownership continued to increase just as rapidly.
I'm going to open a can of worms here, I understand that, but I will also say that the taxpayers of California are subsidizing a huge amount of corporations, partnerships, irrevocable trusts, and other business entities which don't have a majority change of ownership when the controlling party dies and so their tax basis doesn't get stepped up essentially ever. The best example is LA country club, the recent host of the US Open.
It also encourages higher property prices. People buy a house based on the monthly payment they can afford. It doesn't really matter to them whether that price is $1500 mortgage + $500 taxes or $500 mortgage+$1500 taxes.
In upstate NY where I am, we have trainable housing costs but the highest property tax rates in the country. It's not a coincidence.
Yes property is more valuable (expensive) in California. People want to live here.
We just Inherited half of a $900,000 California house on top of a hill with awesome views. We are buying out the other half from a sibling. 23 miles from the beach and Pacific Ocean. Being this close to the Pacific means mild temperatures and we are not frying like some.
As to keeping my mother in laws tax rate, yes we did submit the forms as we are told we can do this. We may or may not have a stepped value on the siblings half so it's kinda complicated and we will see.
Upstate New York is super beautiful, just no ocean. My wife just spent 2 weeks up there a sent some of her mothers ashes over Niagara Falls.
@privatecoin said:
How long before California taxes you for breathing?
California taxes us to provide services and infrastructure for the 5th largest economy in the world and to help protect some of the most beautiful scenic land and ecosystems on earth.
100% agree.
Also, due to prop 13, passed in 1979, property taxes can barely rise on a year over year basis. That revenue needs to be replaced somehow. I haven't done an in depth analysis but I believe that, as a percentage of total taxes collected, CA likely has nearly the lowest property taxes in the nation.
I'm not going to do data entry for 50 states and DC to get the exact ranking but CA is solidly below average:
Without prop 13 nobody could afford to live in California.
That's how it was originally pitched 45 years ago when California had the best public services and infrastructure in the nation and insane inflation (approx double our recent peak level of inflation ) increased real property values at a rapid pace. But there are unintended consequences to everything. Certainly in some of the high dollar areas moderate income people would be forced to move and that's not an outcome that anybody wants.
However, many of the other taxes would likely be lower. And it's impossible to know but I would theorize that home prices would not necessarily increase as rapidly if the cost of ownership continued to increase just as rapidly.
I'm going to open a can of worms here, I understand that, but I will also say that the taxpayers of California are subsidizing a huge amount of corporations, partnerships, irrevocable trusts, and other business entities which don't have a majority change of ownership when the controlling party dies and so their tax basis doesn't get stepped up essentially ever. The best example is LA country club, the recent host of the US Open.
It also encourages higher property prices. People buy a house based on the monthly payment they can afford. It doesn't really matter to them whether that price is $1500 mortgage + $500 taxes or $500 mortgage+$1500 taxes.
In upstate NY where I am, we have trainable housing costs but the highest property tax rates in the country. It's not a coincidence.
Yes property is more valuable (expensive) in California. People want to live here.
We just Inherited half of a $900,000 California house on top of a hill with awesome views. We are buying out the other half from a sibling. 23 miles from the beach and Pacific Ocean. Being this close to the Pacific means mild temperatures and we are not frying like some.
As to keeping my mother in laws tax rate, yes we did submit the forms as we are told we can do this. We may or may not have a stepped value on the siblings half so it's kinda complicated and we will see.
Upstate New York is super beautiful, just no ocean. My wife just spent 2 weeks up there a sent some of her mothers ashes over Niagara Falls.
We do have a Great Lake. Plenty of fresh water.
There's no "perfect" place. There's also very few completely horrible places. You take the good with the bad.
@privatecoin said:
How long before California taxes you for breathing?
California taxes us to provide services and infrastructure for the 5th largest economy in the world and to help protect some of the most beautiful scenic land and ecosystems on earth.
100% agree.
Also, due to prop 13, passed in 1979, property taxes can barely rise on a year over year basis. That revenue needs to be replaced somehow. I haven't done an in depth analysis but I believe that, as a percentage of total taxes collected, CA likely has nearly the lowest property taxes in the nation.
I'm not going to do data entry for 50 states and DC to get the exact ranking but CA is solidly below average:
Without prop 13 nobody could afford to live in California.
That's how it was originally pitched 45 years ago when California had the best public services and infrastructure in the nation and insane inflation (approx double our recent peak level of inflation ) increased real property values at a rapid pace. But there are unintended consequences to everything. Certainly in some of the high dollar areas moderate income people would be forced to move and that's not an outcome that anybody wants.
However, many of the other taxes would likely be lower. And it's impossible to know but I would theorize that home prices would not necessarily increase as rapidly if the cost of ownership continued to increase just as rapidly.
I'm going to open a can of worms here, I understand that, but I will also say that the taxpayers of California are subsidizing a huge amount of corporations, partnerships, irrevocable trusts, and other business entities which don't have a majority change of ownership when the controlling party dies and so their tax basis doesn't get stepped up essentially ever. The best example is LA country club, the recent host of the US Open.
It also encourages higher property prices. People buy a house based on the monthly payment they can afford. It doesn't really matter to them whether that price is $1500 mortgage + $500 taxes or $500 mortgage+$1500 taxes.
In upstate NY where I am, we have trainable housing costs but the highest property tax rates in the country. It's not a coincidence.
Yes property is more valuable (expensive) in California. People want to live here.
We just Inherited half of a $900,000 California house on top of a hill with awesome views. We are buying out the other half from a sibling. 23 miles from the beach and Pacific Ocean. Being this close to the Pacific means mild temperatures and we are not frying like some.
As to keeping my mother in laws tax rate, yes we did submit the forms as we are told we can do this. We may or may not have a stepped value on the siblings half so it's kinda complicated and we will see.
Upstate New York is super beautiful, just no ocean. My wife just spent 2 weeks up there a sent some of her mothers ashes over Niagara Falls.
We do have a Great Lake. Plenty of fresh water.
There's no "perfect" place. There's also very few completely horrible places. You take the good with the bad.
I don't know, San Diego seems "perfect" as we love it here.
@lermish said:
There was a spreadsheet for easy download.
As a percentage of revenue, CA property taxes are 19th lowest. As a percentage of personal income, CA property taxes are 21st lowest. On a dollars per capita basis, CA is below the national average including many "low tax states" like Texas, Wyoming, and Alaska.
Additionally, seniors (55+) can move to any different county within the state and maintain their low property tax basis provided the new house is not more expensive. So, for example, a college professor at Stanford who bought a house in Palo Alto in the 60s for $50k which is currently valued at $3mm would be paying approx $1000/yr in property taxes, can sell that house and move to Sacramento, buy a $2mm house, and still pay $1k/yr in prop taxes! Not as bad as people think...
Sounds like heaven. Now if all those fake images of the CA homeless would disappear we’ll all just sell our current properties and rush out that way.
Comments
It also encourages higher property prices. People buy a house based on the monthly payment they can afford. It doesn't really matter to them whether that price is $1500 mortgage + $500 taxes or $500 mortgage+$1500 taxes.
In upstate NY where I am, we have affordable housing costs but the highest property tax rates in the country. It's not a coincidence.
Many states, including NY, have no coin exemption. [And arguably shouldn't. It's a hobby not food. ] in NY there's a bullion exemption above $1000 but a $10k numismatic coin is fully taxable.
My property tax on three homes and almost 3 acres of land is less than $700 a year. My water sewer and trash bill combined is $65 a month. Yeah I can live without the ocean.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
I don’t know, but if you look at the legislation, it’s probably open ended to continue limiting the amount of exclusion. We recently had a capital gains tax imposed here in WA state I think starting at 250K, I expect that exemption to be continued to decreased.
Just here to watch people fight about California
BHNC #248 … 130 and counting.
Yes property is more valuable (expensive) in California. People want to live here.
We just Inherited half of a $900,000 California house on top of a hill with awesome views. We are buying out the other half from a sibling. 23 miles from the beach and Pacific Ocean. Being this close to the Pacific means mild temperatures and we are not frying like some.
As to keeping my mother in laws tax rate, yes we did submit the forms as we are told we can do this. We may or may not have a stepped value on the siblings half so it's kinda complicated and we will see.
Upstate New York is super beautiful, just no ocean. My wife just spent 2 weeks up there a sent some of her mothers ashes over Niagara Falls.
We do have a Great Lake. Plenty of fresh water.
There's no "perfect" place. There's also very few completely horrible places. You take the good with the bad.
Just another thing to add to the suck list in this state.
I don't know, San Diego seems "perfect" as we love it here.
Sounds like heaven. Now if all those fake images of the CA homeless would disappear we’ll all just sell our current properties and rush out that way.