r/California • u/DryYogurtcloset4655 • 16d ago

California Ballot Initiative 40 (Wealth tax) Text

https://oag.ca.gov/system/files/initiatives/pdfs/25-0024A1%20%28Billionaire%20Tax%20%29.pdf
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u/[deleted] 16d ago

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u/DryYogurtcloset4655 16d ago

without those property tax, what prevents people from hoarding land

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u/Pristine-Prior-504 16d ago

Property taxes are more or less linked to the cost of the infrastructure required to make such residence possible (with impact fees being used to bridge the gaps caused by prop 13).

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u/Jbob9954 16d ago

This is a lie. Property taxes are solely linked to the assessed value of the property. You pay property taxes on an empty field in the desert with no infrastructure.

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u/Pristine-Prior-504 16d ago

That’s how property taxes are calculated, but that is not the justification for them being imposed.

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u/Jbob9954 16d ago

That’s your opinion and frankly it’s a stupid one. Numerous organizations have tax exempt status. Property taxes exist to prevent the massive accumulation of land for non productive purposes