[AFreeBird]

It’s my understanding that property taxes were capped, if you already owned it. If you sell it, the new buyer pays much more.

[central_va]

Let say I can get a nice place in the CA countryside for 50 cents on the dollar. Would it be worth it? Has the low balling started? I am past worrying about schools and all of the BS.

[SoCal Pubbie]

That is correct.

[Lizavetta]

It’s my understanding that property taxes were capped, if you already owned it. If you sell it, the new buyer pays much more.

Correct. That was Prop 13, passed in the late 1970s.

There is now a Prop 15 on the ballot that is trying to eliminate the Prop 13 protections for commercial real estate, which would tax the property based on current value, not on the purchase price. Imagine how many more businesses would go under if that passed.

NO ON PROP. 15!!

[ridesthemiles]

That is from Prop 13, which was passed in 1978.

Newsom is doing his very best to destroy Prop 13.