Posted by alslayton on 30th of Jun 2009 at 03:55 pm
Leave it to the LA times to blame the whole problem on Prop
13. The truth is that the esteemed legislators in California
have spent more than they have taken in for the last 10
years. The further truth is that up until the current
recession, California did not have a revenue problem.
Revenues grew steadily but, expenditures grew more.
Prop 13 was voted in to protect homeowners from a legislature
that looked to the property tax whenever it needed money, and was
forcing older homeowners out of their homes. The 2/3
requirement was put in to further protect the
taxpayers.
Property tax collections since enactment of Prop 13 have
increased percentage wise more than the general revenues as
property values have soared and property taxes are reassessed upon
sale or transfer.
No the problem here in California is the old story of
legislators spending $1.20 for every $1.00 they take
in. Sooner or later the piper has to be paid.
Cali on the Brink
Posted by dylan398 on 30th of Jun 2009 at 02:30 pm
this problem isn't going away......and will climax in July
Barney will bail them out
Posted by rgoodwin on 30th of Jun 2009 at 02:36 pm
Barney will bail them out tonight with the TARP money.
The mess in California
Posted by alslayton on 30th of Jun 2009 at 03:55 pm
Leave it to the LA times to blame the whole problem on Prop 13. The truth is that the esteemed legislators in California have spent more than they have taken in for the last 10 years. The further truth is that up until the current recession, California did not have a revenue problem. Revenues grew steadily but, expenditures grew more.
Prop 13 was voted in to protect homeowners from a legislature that looked to the property tax whenever it needed money, and was forcing older homeowners out of their homes. The 2/3 requirement was put in to further protect the taxpayers.
Property tax collections since enactment of Prop 13 have increased percentage wise more than the general revenues as property values have soared and property taxes are reassessed upon sale or transfer.
No the problem here in California is the old story of legislators spending $1.20 for every $1.00 they take in. Sooner or later the piper has to be paid.
not only that..
Posted by delane on 30th of Jun 2009 at 03:58 pm
if prop 13 was revoked. property values would plummet..then more foreclosure and no tax money whatsoever.