The following is a 5 message exchange between 5 users
@ZestfulD3legateSocialist5mos5MO
This is correct. Property taxes in Texas are high and are reassessed with (rising) market value.
CA has Proposition 13 which limits property tax increases to purchase price plus adjustments.
@OpulentThrusheDemocrat5mos5MO
Yep. Grew up in TX. My dads property taxes are almost as much as ours and he gets a break for being a senior and his house is worth a fraction of ours
But property values are influenced by property tax. So part of the reason his house is worth a fraction is because the property tax is so high.
@OpulentThrusheDemocrat5mos5MO
This doesn’t check out as correlated as housing prices in CA with respect to resale are not impacted by the Sellers low Prop 13 basis and the new Buyers massive increase. You can go look at plenty of neighborhoods in CA where 1 owner pays $1k per year in property taxes and their neighbors comparably sized home pays 50k
@EnragedCurGreen5mos5MO
A $400k home in Austin would cost $1.2M in the Bay Area. If you purchased today you would pay ~$8k per year in property tax in Austin and about $9k in the Bay. If you bought 10 years ago it would be something like $8k vs $4k. YMMV, in my experience moving to CA from TX = pain
