Posted on 05/08/2013 9:32:28 AM PDT by WayneLusvardi
Stuart Lieberman, a real estate attorney in New Jersey, once said the following about wording in a deed that allowed construction on open space designated land: “That’s not a loophole; it’s the Lincoln Tunnel.”
Lieberman made what appeared to be a loophole in a deed understandable through a concrete example. In the same way, the widely disseminated urban myth in California that there is a mysterious tax loophole in Proposition 13 for owners of commercial properties needs to be simply explained so that the public can understand that there is no such loophole.
A recent news article in the May 4 issue of the Los Angeles Times –- “Prop. 13 Loophole Gives Big Edge to Big Players” — continues to spread and compound the urban myth about a commercial property tax loophole in Proposition 13. Given the controversy over Proposition 13 protections for commercial properties, this so-called tax loophole is exploited for political purposes.
(Excerpt) Read more at foxandhoundsdaily.com ...
Once the parasites, greedbags and night crawlers in CA counties and in Sacramento have access to unlimited property taxes they will be unable to control themselves and collapse will follow.
Guaranteed.
Good article. I fear in California, you are speaking to an empty room. The groundwork is being laid to get rid of Prop 13. In fact, I am surprised the Latino Marxistas in charge in Sacramento haven’t tried to do it yet. When that happens, property values will drop immediately, the only question being how much.
Business is always an easy tax target in California, just look at CARB’s rules.
Split property tax role, will be a test run with disastrous results.
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