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New California bill would impose 25% gain tax on house flippers who sell within 3 years
ABC 10 News ^ | 3/8/2022 | LaMonica Peters

Posted on 03/10/2022 6:26:30 AM PST by vespa300

A state law maker from San Diego says short-term investors are contributing to the housing crisis. Now he’s introduced a Bill he says will give average people a chance to own a home again.

Flipping houses is nothing new. You purchase a property, make necessary changes and then sell it for a profit.

(Excerpt) Read more at abc10.com ...


TOPICS: Front Page News; Government; News/Current Events; Politics/Elections; US: California
KEYWORDS: california; californiathievin; flippers
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To: SaxxonWoods
we’re old now and 225 miles from any large city.

What do you do for medical care?

101 posted on 03/10/2022 4:01:16 PM PST by Albion Wilde (If science can’t be questioned, it’s not science anymore, it’s propaganda. --Aaron Rodgers)
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To: ThunderSleeps
How about policies that actually help people achieve success so they can afford a nicer home, nicer neighborhood? Of course a leftist isn't really about making things better for anyone but themselves.


102 posted on 03/10/2022 4:05:17 PM PST by Albion Wilde (If science can’t be questioned, it’s not science anymore, it’s propaganda. --Aaron Rodgers)
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To: redgolum
I just listened to the justification about this. Long story short, it is to stop gentrification of historically minority areas.

And again, how is keeping those areas run-down going to

1) help keep blight from destroying the neighborhood completely (i.e. Baltimore), and

2) encourage "minorities" not to self-segregate?

103 posted on 03/10/2022 4:12:58 PM PST by Albion Wilde (If science can’t be questioned, it’s not science anymore, it’s propaganda. --Aaron Rodgers)
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To: Albion Wilde

By increasing property values, many original residents can’t afford the increased taxes and are forced out of the area.

And when that happens you have a lot of political people screaming about whites (or rich) moving into historically non white (or poor, I have seen this play out in non racial ways) areas, and how that is wrong.

Some times developers use the increased property taxes as a way to scoop up more land.


104 posted on 03/10/2022 6:23:59 PM PST by redgolum (If this is civilization, I will be the barbarian. )
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To: vespa300

Gavin Newsom Thankful As Fleeing Californians Can No Longer Afford To Fill Up Their U-Hauls https://t.co/fIv5j8kzN6— The Babylon Bee (@TheBabylonBee) March 10, 2022


105 posted on 03/10/2022 10:29:46 PM PST by grey_whiskers (The opinions are solely those of the author and are subject to change with out notice.)
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To: vespa300

Tax Ward 50% on his state salary. See how likes it.


106 posted on 03/10/2022 10:45:30 PM PST by MadMax, the Grinning Reaper (Figures )
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To: dfwgator

I wonder if foreclosures are exempt. I’m a contractor that does the rehabs on bank owned properties. I expect to be very very busy in the next 8-10 months.


107 posted on 03/11/2022 12:19:39 AM PST by Pocketdoor
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To: alternatives?

There is no California capital gains tax... It’s just treated as income. 10% ish max.


108 posted on 03/11/2022 12:30:27 AM PST by Pocketdoor
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To: grey_whiskers

That’s hilarious......sad but Hilarious.


109 posted on 03/11/2022 5:23:29 AM PST by vespa300
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To: Fai Mao

And when THAT works, CA will try it on other businesses that improve old things - like auto repair, surgeons, dentists, landscapers...


110 posted on 03/11/2022 5:30:36 AM PST by Elsie (Heck is where people, who don't believe in Gosh, think they are not going...)
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To: suthener
Try not paying your property tax state rental fee and find out who really owns your property.
111 posted on 03/11/2022 5:31:57 AM PST by Elsie (Heck is where people, who don't believe in Gosh, think they are not going...)
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To: DownInFlames
Just increase the selling price by 25%.


SHHHhhh!

Don't let the boobs in on how BUSINESS TAXES work!

112 posted on 03/11/2022 5:34:55 AM PST by Elsie (Heck is where people, who don't believe in Gosh, think they are not going...)
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To: roadcat
Home prices in San Francisco are insane.

No; the people are!

113 posted on 03/11/2022 5:36:05 AM PST by Elsie (Heck is where people, who don't believe in Gosh, think they are not going...)
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To: WildHighlander57

I just got a new neighbor last year that built one of those in the woodlot across the road from me.


114 posted on 03/11/2022 5:37:14 AM PST by Elsie (Heck is where people, who don't believe in Gosh, think they are not going...)
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To: redgolum
By increasing property values, many original residents can’t afford the increased taxes and are forced out of the area.

MOAB

115 posted on 03/11/2022 5:40:03 AM PST by Elsie (Heck is where people, who don't believe in Gosh, think they are not going...)
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To: Codeflier
On the other hand, there are a lot of corporate purchases taking place from shadowy groups that are artificially raising prices in various markets and limiting supply with their purchasing power etc.

I suspect those groups will be exempt from this tax, somehow. California can't tax the BlackRocks of the world without permission from much higher authorities - but small flippers, sure - wipe those kulaks out! /s

116 posted on 03/11/2022 5:45:10 AM PST by Mr. Jeeves ([CTRL]-[GALT]-[DELETE])
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To: Elsie

How much land, how big a barndominium?

I wonder what the property taxes are on it.


117 posted on 03/11/2022 8:12:35 AM PST by WildHighlander57 ((the more you tighten your grip, the more star systems will slip through your fingers.) )
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To: vespa300

Great idea. Let all those dumps that the flippers renovate crumble to dust.
Nobody needs them anyway.
There are plenty of bridges to live under.


118 posted on 03/11/2022 9:54:49 AM PST by Augie
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To: WildHighlander57
 
Looks like about 11 acres of woods with the structure in the middle of it.  Too early for taxes to be displayed yet.
 
Site Description
Topography:
Flat
Public Utilities:
Electricity
Street or Road:
Unpaved
Parcel Acreage:
81
 
 
Land
SoilActEff.AcresRateAdj.Ext.Infl. %Value
TypeIDFront.DepthRateValue
Homesite001$36,000.00 $36,000.00 $36,000.00 $0.00 $36,000.00
Legal DitchBR002.2$1,500.00 $2,000.00 $4,100.00 ($100.00)$0.00
Road Right of WayBR000.7$1,500.00 $2,000.00 $1,200.00 ($100.00)$0.00
Tillable CroplandBR0026.1$1,500.00 $2,000.00 $50,000.00 $0.00 $50,000.00
WoodlandBR005.4$1,500.00 $2,000.00 $11,000.00 ($80.00)$2,040.00
WoodlandCRA005.4$1,500.00 $1,600.00 $8,200.00 ($80.00)$1,700.00
Tillable CroplandCRA0034.2$1,500.00 $1,600.00 $53,000.00 $0.00 $53,000.00
Tillable CroplandMMA000.01$1,500.00 $1,500.00 $10.00 $0.00 $10.00
Tillable CroplandMMB2001.9$1,500.00 $1,400.00 $2,500.00 $0.00 $2,500.00
Tillable CroplandRE003.6$1,500.00 $2,000.00 $7,000.00 $0.00
$7,000.00
 
Residential Dwellings
DescriptionSingle-Family
Story Height2
Style
Finished Area2600
# Fireplaces1
Heat TypeCentral Warm Air
Air Cond2600
Bedrooms3
Living Rooms:
1
Dining Rooms:
0
Family Rooms:
1
Finished Rooms:
11
Full Baths2
Full Bath Fixtures6
Half Baths1
Half Bath Fixtures2
Kitchen Sinks1
Water Heaters1
Add Fixtures
2
FloorConstructionBaseFinish
1Metal15001500
2Metal12001200
S15000
 
Residential Dwellings
 
FeaturesArea
Canopy, Shed Type800
Patio, Concrete800
Residential Dwellings

119 posted on 03/11/2022 12:49:39 PM PST by Elsie (Heck is where people, who don't believe in Gosh, think they are not going...)
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To: PrincessB
What about military?

Perfect question, my FRiend.

120 posted on 03/11/2022 8:09:36 PM PST by Seaplaner (Never give in. Never give in. Never, never, never...in nothing, great or small...Winston Churchill)
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