Property tax is on the one hand a wealth tax, which sounds like a great idea;
The problem is in how its assessed. A market-based tax will be vulnerable to market manipulation. A tax accessed by the agents of lobbyists and kleptocrats will be administered to the benefit of their patrons.
This isn’t a policy failure quite so much as it is a democratic failure.
Yeah, without being a policy junkie I think a reasonable step would be to have Prop 13 only apply to primary residence — investment real estate would be subject to a “wealth tax,” but folks wouldn’t get priced out of their primary home due to gentrification.
The problem is in how its assessed. A market-based tax will be vulnerable to market manipulation. A tax accessed by the agents of lobbyists and kleptocrats will be administered to the benefit of their patrons.
This isn’t a policy failure quite so much as it is a democratic failure.
Yeah, without being a policy junkie I think a reasonable step would be to have Prop 13 only apply to primary residence — investment real estate would be subject to a “wealth tax,” but folks wouldn’t get priced out of their primary home due to gentrification.