Re: [Pen-l] California Fiscal Bait and Switch

[Jim Devine <jdevine03@xxxxxxxxx>]

Eugene Coyle wrote:
> Another wrinkle in Prop 13 protected corporate property on sale.  When a homeowner sells the buyer pays taxes on the value appraised then, so taxes on a particular property jump.  A commercial sale can potentially be structured so that it appears the owner remains.  I understand that this has gradually shifted more of the burden onto residential property, though I have not looked into that.

>        Prop 13 was not a simple homeowners revolt.  Jarvis-Gann drafted it
carefully.<

Even though it involved a large element of homeowners' revolt, J-G had
to respond to political reality of who has the power: if they did not
throw as sop to big business, the opposition by Bank of American _et
al_ might have been stronger and even decisive.

In case people don't remember, in the olden days of Jarvis-Gann, the B
of A was only a California bank, with its HQ in San Francisco.
-- 
Jim Devine / "If heart-aches were commercials, we'd all be on TV." -- John Prine
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