Prop 13 allows us to have the lowest property tax percentages in the nation (aside from 0% in tax-free states) and the Democrats have been trying to get rid of it but are afraid of an angry mob of boomers. It’s probably the single most conservative example of tax law in any jurisdiction ever.
It's pretty amazing just how little of a fire break you actually need, which only reinforces the incompetence of Californians and the government they chose.
People forget California didnt used to be so bad. The entire thing isnt a liberal hellscape as portrayed in the media. If everything north of Sacramento split away and became its own state Id probably move there. Its like the other 2 west coast states, ruined by their major cities filled with liberals. Liberals have the opposite of the midas touch, everything they touch turns to shit.
Governments can be competent. Governments can be incompetent. That is why you need competent people in government.
Property taxes so low that your local government aids (haha, aids) and abets arson to get them raised
It is, as Khan put it, "Secret Asian watering technique!" Back during drought times, so about 10 years ago, no one cared about conserving water despite the official status. That's how I knew California was doomed, its citizens have no care for a common good or a willingness to sacrifice. Stupid politicians need to be held accountable and all, but it's the regular people that caused it. These fires are a failure of civic duty for everyone.
We call that art.
I miss Paddy Tarleton, what ever happened to him?
Sounds like a good time to be a politician. Taxpayers are about to hand you a raise!One thing I didn't know is that many of the houses in the Palisades were built 70 to 100 years ago and are part of generational inheritance for the families there.
Another quirk of California law is that the property taxes are based on the price of the property AT SALE. Which means these multi million dollar properties were paying the value of the land at the start of the 1920s. Now that they have burned though any new reconstruction will have to pay modern valuation in property tax.
That’s usually when they’re out on the side of a mountain where people have to parachute in to cut fire lines, not where you’re supposed to be able to spray them with a hose
I assume they can get a reassesment and pay a lower tax. it'll never be $0 but less than $100k
packs of wild, feral animals? check. uncontrolled fire burning through massive swaths of land? check. completely unliveable for anyone who has even a modicum of living standard? check.
The majority of the value of these properties is the location. The lot value theoretically shouldn't change. If the properties are re-assessed much lower that's going to bankrupt a shit-ton of people who used their $10 million Malibu properties as collateral to secure other unrelated debt. There's a BUNCH of that. How else do you put the value of your 8-figure asset that you'll never sell to work for you? You leverage it, which I guarantee a whole bunch of these property-owners have done. When the value of the collateral falls below the amount owed the loan gets called.
Dude was literally high as a fucking kite on Meet the Press.
This is something I've been seeing all across the planet.
Theoretically, but if you can't get insurance or the coastal commission won't let you rebuild, the lot value might drop precipitously.
