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Agreed.
Prop 13 saved alot of working class grandparents etc
from being taxed out of their homes.
Eventually the property is sold
and reassessed.
The CA population is aging.
ERic
----- Original Message -----
From: "Jerry War" <drwar@xxxxxxxxxxx>
To: "Daniel Martinez" <danm@xxxxxxxxxxxxxx>; <omega-list@xxxxxxxxxx>
Sent: Wednesday, August 20, 2003 3:48 PM
Subject: Re: Off Topic item regarding Calif recall and Arnold S.
> 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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