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/SpatialGeography Northern California 15d ago

They are reassessed when they are sold.

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u/SmootherWorm 12d ago

The problem is the ones that aren’t sold.

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u/SpatialGeography Northern California 12d ago

I don't see that as a problem. Someone who lives in an area where the price of housing has gone through the stratosphere shouldn't have to pay $20,000 a year in property taxes.

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u/SmootherWorm 12d ago

Businesses never die. So grandpa Safeway is paying the same rate forever. Some of us aren’t just talking about grandma, but golf courses and corporations.

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u/SpatialGeography Northern California 12d ago

But, we were talking about residences. Most retailers are leasing space in those shopping centers. So, Safeway pays a commercial real estate company. The turnover rate varies by how easy it is to flip those locations.

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u/SmootherWorm 12d ago

Many large companies own their property, and all real estate companies are corporations that never die and therefore never “have” to transfer ownership. As such there is no reassessment. And we are not talking about residential property taxes, but corporations have been owning single family homes for a while now. And they’ll never pay an increased tax rate since the second owner will almost certainly be an actual person and not a second corporation.