New California bill would impose 25% gain tax on house flippers who sell within 3 years

ABC 10 News ^ | 3/8/2022 | LaMonica Peters

[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.

[Albion Wilde]

we’re old now and 225 miles from any large city.

What do you do for medical care?

[Albion Wilde]

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.

[Albion Wilde]

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?

[redgolum]

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.

[grey_whiskers]

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

[MadMax, the Grinning Reaper]

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

[Pocketdoor]

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.

[Pocketdoor]

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

[vespa300]

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

[Elsie]

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

[Elsie]

Try not paying your property tax state rental fee and find out who really owns your property.

[Elsie]

Just increase the selling price by 25%.

SHHHhhh!

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

[Elsie]

Home prices in San Francisco are insane.

No; the people are!

[Elsie]

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

[Elsie]

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

MOAB

[Mr. Jeeves]

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

[WildHighlander57]

How much land, how big a barndominium?

I wonder what the property taxes are on it.

[Augie]

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.

[Elsie]

 

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	Soil	Act	Eff.	Acres	Rate	Adj.	Ext.	Infl. %	Value
Type	ID	Front.	Depth			Rate	Value
Homesite		0	0	1	$36,000.00	$36,000.00	$36,000.00	$0.00	$36,000.00
Legal Ditch	BR	0	0	2.2	$1,500.00	$2,000.00	$4,100.00	($100.00)	$0.00
Road Right of Way	BR	0	0	0.7	$1,500.00	$2,000.00	$1,200.00	($100.00)	$0.00
Tillable Cropland	BR	0	0	26.1	$1,500.00	$2,000.00	$50,000.00	$0.00	$50,000.00
Woodland	BR	0	0	5.4	$1,500.00	$2,000.00	$11,000.00	($80.00)	$2,040.00
Woodland	CRA	0	0	5.4	$1,500.00	$1,600.00	$8,200.00	($80.00)	$1,700.00
Tillable Cropland	CRA	0	0	34.2	$1,500.00	$1,600.00	$53,000.00	$0.00	$53,000.00
Tillable Cropland	MMA	0	0	0.01	$1,500.00	$1,500.00	$10.00	$0.00	$10.00
Tillable Cropland	MMB2	0	0	1.9	$1,500.00	$1,400.00	$2,500.00	$0.00	$2,500.00
Tillable Cropland	RE	0	0	3.6	$1,500.00	$2,000.00	$7,000.00	$0.00	$7,000.00

 

Residential Dwellings

Description	Single-Family
Story Height	2
Style
Finished Area	2600
# Fireplaces	1
Heat Type	Central Warm Air
Air Cond	2600
Bedrooms	3
Living Rooms:	1
Dining Rooms:	0
Family Rooms:	1
Finished Rooms:	11
Full Baths	2
Full Bath Fixtures	6
Half Baths	1
Half Bath Fixtures	2
Kitchen Sinks	1
Water Heaters	1
Add Fixtures	2

 

Residential Dwellings

Floor	Construction	Base	Finish
1	Metal	1500	1500
2	Metal	1200	1200
S		1500	0

 

Residential Dwellings

Features	Area
Canopy, Shed Type	800
Patio, Concrete	800

[Seaplaner]

What about military?

Perfect question, my FRiend.