Warning to California Readers: Spike in Apartment Rent, Increased Property Taxes, and Job Loss Ahead

Craig Huey Economics Leave a Comment

Proposition 13 is under attack.

If you live in California, you should be very worried.

The first casualty of this assault is business and apartment owners… easy targets, small in number.

And if the Sacramento politicians get their way, expect to see:

  • Increased property taxes for businesses from $6 billion to $10 billion a year.
  • 396,345 jobs lost over the first 5 years because of higher taxes.
  • Increase in apartment rent and less care for the apartments.
  • Increase in the prices you pay for goods and services.

Most readers don’t remember the 1970’s, when people were losing their homes as property taxes kept rising, thanks to liberal tax-and-spend politicians.

But Howard Jarvis led a tax revolt, and in 1978 64% of the voters said yes to Proposition 13.

Proposition 13 set a uniform 1% property tax rate and limited yearly increases in assessed value to no more than 2%.

Proposition 13 gave certainty and predictability to home and business owners, protecting against politicians’ insolvable appetite for taxing… especially for those with a fixed income who were losing their homes.

But now Sacramento’s first step in destroying the proposition is creating a “split roll” property tax – so businesses would lose Proposition 13 protection.

If you’re as outraged as I am, please sign our petition to protect Proposition 13.

You can sign here.

What do you think? Email me at [email protected]

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