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Yes there is a descrepency. That was done on purpose. What if you are a blue
collar worker
making 40K /year and you bought your house back in 1965 for 100k Your
mortgage is paid off
and you are about to retire but now because of inflated values its worth
over 900k and there is no
way you can afford the real estate taxes on a 900k house. Are you suppose to
be priced out of your
own home you spent your life paying for by taxes. A purchaser of a new 900k
home has the income
to afford the house and the higher taxes.
Jerry
----- Original Message -----
From: "Daniel Martinez" <danm@xxxxxxxxxxxxxx>
To: <omega-list@xxxxxxxxxx>
Sent: Wednesday, August 20, 2003 6:37 PM
Subject: Re: Off Topic item regarding Calif recall and Arnold S.
> Buffet is right about property taxes being too low à la Prop. 13. Prop.
13 also
> favors longer term property owners vs. newer home buyers. Buffet pays 7x
more
> in prop taxes for his home in Nebraska than in Calif even though the CA
home is
> worth 8x more:
> http://www.tax-news.com/asp/story/story.asp?storyname=13018
>
> Prop 13 was never fair because newer home buyers paying $600,000 for a
single
> story home in Los Angeles, yes that's $600K, will be taxes for the full
value of
> the home. In Newport Beach, homes worth $2 Million are assessed for far
less
> because the owners have been there for years.
>
> Daniel Martinez.
>
> BobR wrote:
>
> > Must be that Warren owns some California bonds or is going to buy some
and
> > like with private companies he is going to make sure the investment pays
off
> > by taking an active roll in the management.
> >
> > ----- Original Message -----
> > From: "John Armstrong" <mrktwiz1@xxxxxxxxx>
> > To: <omega-list@xxxxxxxxxx>
> > Sent: Wednesday, August 13, 2003 12:09 PM
> > Subject: Off Topic item regarding Calif recall and Arnold S.
> >
> > > Warren Buffet has just agreed to be Arnold
> > > Schwarzenegger's Economic Advisor...developing....WOW!
> > >
> > > John Armstrong
>
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