Again, more proof that government think we exist to serve and support them, rather than the other way around.
We’re just crops to be harvested by our owners.
Another point arises. The current value of a building goes up and down as the market changes. As the value goes up, the reassessments would drive up the costs of taxes. The state gets used to the new amount of taxes and buys 10 widgets with the money. When the market goes down, the building value goes down and the owner gets another reassessment. The taxes decrease and the government no longer has the tax money to pay for 10 widgets. It can only buy 5 widgets. A ‘shortage’ of 5 widgets is created.
On the other hand, with Prop 13, the current value of a building goes up by 2% annually as long as the owner does not change. The state buys 3 widgets with the money. (The amount gradually increases but is fairly constant.) When the market goes down, the building value goes down and the owner gets another reassessment. The taxes decrease and the government no longer has the tax money to pay for 3 widgets. It can only buy 2 widgets. A ‘shortage’ of 1 widget is created. This may be much more easily handled than a 5 widget ‘shortage’.
The difference is that in the first case the state government spent the higher amount and expected it. When the market downturn came around, there was a huge deficit. In the second case, the government does not experience a severe shortage. This second way is the way to more stable government funding, not raising taxes through the roof!
By and large, the California legislature has lost the ability to understand this simple concept.