LA County Property Values Jump $82B Despite Wildfires' Destruction Of 10K Homes - ALMOST 2.5 TRILLION net value. WWWWWHAT!?
(patch.com)
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California. Where even condemned crackhouses cost a cool 7 figures minimum.
Taxing the people who still have houses from their houses? No way to win!
Need to maintain the illusion of value . Just like Hunters "Artwork"
Great point :)
Hollywood money off by 50% , crime , taxes once a free fall gets going they are hard to turn around and all those mortgages are held by banksters while the Fed has it's own issues. So your pensions to the rescue.
All those people whose houses burned down have to live somewhere. Supply and demand. Throw in a few million illegals and it’s even worse.
I don't understand this at all. Aren't people scrambling to get OUT of California. Is LA immune to this trend?
A miillion people leave Southern Commiefornia 10 + cities around the US BOOM. The Traffic in LA remains UNCHANGED.
California is lost.
Less houses, higher prices.
It came uo earlier in the year, the area wanted to charge property tax based on the houses that were there instead of what is there.
And the imaginary houses would have gone up in value...
Due to Proposition 13 approved by the voters in the 70s, the property valuations are based on recent property sales. LA County can not arbitrarily raise property taxes on residences. The tax rate is based on 1.0% of the sale price of the home, and the taxes can rise by 1.1% a year, however the dirt ball politicians found away around the tax formula by adding in special assessment districts There needs to be another Proposition to make special assessment districts required to be voted on.
I don't know if the County removes the value of burned down homes from the total valuation or they just assume the house will be rebuilt at the same value and leave the valuation alone.