[Centurion2000]

Here's sopme more political fallout from this.

One) California's proposition 13 has just been effectively gutted to prevent the government from cranking up property taxes.

Two) Liberal states will NEVER enact property protections into their legislatures and state constitutions.

Example: You have a 2.5 million dollar home in San Francisco that you paid 400,000 for in 1990. You now pay say 600,000 in property taxes on it.
Now the city of San Francisco can condemn your house, pay you 120,000 (20% of tax base) and turn around and sell this land to another developer or even a real estate agent who will then sell it to someone that is going to pay 2.5 million in property tax rates.

People are going to get shot over this.

[sinbad17]

Well Mr. Jefferson said we need a little revolution every now and then and maybe this will bring one on! Time to restore the United States to the way it used to be and the hell with political correctness ,social awareness, and cowtowing to all the never do wells of society. And remove all the legislating judges too while we're at it.

[mac_truck]

Example: You have a 2.5 million dollar home in San Francisco that you paid 400,000 for in 1990. You now pay say 600,000 in property taxes on it.

This is wildly inaccurate. The tax basis in this example is about 1% of $400,000 plus fifteen years of incremental adjustments, ad volerum, and parcel taxes. That total is nowhere near the 600K figure you imagine it is.

Now the city of San Francisco can condemn your house, pay you 120,000 (20% of tax base) and turn around and sell this land to another developer or even a real estate agent who will then sell it to someone that is going to pay 2.5 million in property tax rates.

Nonsense. You don't seem to have even the slightest grasp on how Prop 13, or eminant domain regulations operate in the state of California.