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WTF is Wrong With Trump Today? Might as well get a jump on this

#3321 User is offline   murphstahoe 

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Posted 16 August 2017 - 12:51 AM

View PostJudgeJudy, on 15 August 2017 - 01:12 PM, said:

My thoughts as well....

How in the hell can somebody who bought their house in 1970 still be paying property taxes assessed in 1970?! Makes no sense at all and /or something doesn't add up.

Obviously if their house is now worth a million dollars, you'd think they'd have to have an assessment to get that #, so in turn wouldn't their yearly property taxes reflect that?!


There are streets in SF where neighbors with very similar properties that pay 20x difference in property taxes. This has made it very difficult to fund local things like schools.

To make matters more difficult, Prop 13 also enshrined a rule that any tax increase for a specific purpose - say "School Bond" needs 2/3rds to pass, either in a ballot measure or at the legislative level. School bonds are very hard to pass at 50% because most people aren't currently using schools. This has cratered California's school system. What's ended up happening is that affluent districts just hold lavish fundraisers for their public schools, a friend of mine has a son who goes to school with Trent Dilfer's kids and the live auction is "go golfing with Trent Dilfer and Jerry Rice". As the evening continues apparently Trent gets thrown in as an "extra" to all sorts of random auction items - "Hey Trent, want to go on this fishing trip?"
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#3322 User is online   IlliniVette 

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Posted 16 August 2017 - 05:38 AM

So is it fishing or golfing? I expect one rakes in more cash than the other. :lol:


And Trump sucks
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#3323 User is offline   ILLove1997 

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Posted 16 August 2017 - 09:39 AM

View Postmurphstahoe, on 16 August 2017 - 12:45 AM, said:

Yes, that's how it works - there is a very small limit to how much the assessment can be raised annually.

Whenever a property is resold, it is reassessed at the purchase price - though you do have to pass some muster there, you can't sell someone property for a buck to give them an artificially low basis.

Additionally, your children can inherit your basis - so properties can be stuck in a time warp to the 70's indefinitely.

It also applies to commercial real estate. This produces an interesting loophole - say one companey wanted to sell the TransAmerica tower to another company. Instead of selling the tower and triggering a reassessment, they spin the tower off into a new company and sell the company, such that no real estate transaction occurs.



yeah its almost as if rich people are not going to pay taxes no matter what huh

and you shouldn't be borrowing for schools, those should be able to be funded by the local taxes, right? I would say that the inability of borrowing funds at will (like say Chicago does) has created a more fiscally responsible system, no?
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#3324 User is offline   Whisox1 

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Posted 16 August 2017 - 10:16 AM

 ILLove1997, on 16 August 2017 - 09:39 AM, said:

yeah its almost as if rich people are not going to pay taxes no matter what huh

and you shouldn't be borrowing for schools, those should be able to be funded by the local taxes, right? I would say that the inability of borrowing funds at will (like say Chicago does) has created a more fiscally responsible system, no?

Probably not what you are referring to, but schools borrow money for things like construction. The thought is that borrowing spreads out the costs to those also using the schools years down the road (via their RE taxes).
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#3325 User is offline   murphstahoe 

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Posted 16 August 2017 - 01:25 PM

View PostILLove1997, on 16 August 2017 - 09:39 AM, said:

yeah its almost as if rich people are not going to pay taxes no matter what huh

and you shouldn't be borrowing for schools, those should be able to be funded by the local taxes, right? I would say that the inability of borrowing funds at will (like say Chicago does) has created a more fiscally responsible system, no?


OK, let's say an area has had a population increase, and suddenly you need to build a new school.

Do you propose increasing taxes very heavily for the 2-3 years it takes to build the school, then lower them again? Infeasible. School bonds are generally used for capital improvements, and the fact you have the added population that requires said improvement means you'll collect the property taxes to pay the bond off.
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#3326 User is offline   ILLove1997 

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Posted 16 August 2017 - 01:29 PM

View Postmurphstahoe, on 16 August 2017 - 01:25 PM, said:

OK, let's say an area has had a population increase, and suddenly you need to build a new school.

Do you propose increasing taxes very heavily for the 2-3 years it takes to build the school, then lower them again? Infeasible. School bonds are generally used for capital improvements, and the fact you have the added population that requires said improvement means you'll collect the property taxes to pay the bond off.



well that makes sense, here in Illinois we take out bonds just so teachers can get paid for a few months :wall
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#3327 User is offline   illinicalvin 

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Posted Yesterday, 07:21 PM

Bannon's out.

Anyone know if any casinos are taking odds on the remaining few OG loyalists (like Kellyanne or the Kush) surviving Trump's term?
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#3328 User is online   IlliniVette 

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Posted Yesterday, 07:58 PM

 illinicalvin, on 18 August 2017 - 07:21 PM, said:

Bannon's out.

Anyone know if any casinos are taking odds on the remaining few OG loyalists (like Kellyanne or the Kush) surviving Trump's term?

So much for loyalty :lol:
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#3329 User is offline   spark mandrill 

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Posted Yesterday, 08:42 PM

 illinicalvin, on 18 August 2017 - 07:21 PM, said:

Bannon's out.

Anyone know if any casinos are taking odds on the remaining few OG loyalists (like Kellyanne or the Kush) surviving Trump's term?


I mean, I can't imagine they'd give you good odds.
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