by John Galt » Mon Dec 31, 2012 3:54 pm
california proposition 13 in 1978 made it so property taxes can only go up 1%
sounds great!
but then we're outta money for schools
ahhhhh ha!
California Proposition 98 (1988) mandated a certain percentage of the budget always be spent on education -- about 40%
so... how do we do this?
well, we shift city property tax money to the state so it can appear to spend 40%. but wait, aren't we not allowed to raise taxes if we need it? so we're forced to spend 40% on education, no matter what, and can't raise taxes on existing home owners. so what if we need the money for other things -- it's mandated it is at 40%. so... what do we do. well for one, new homeowners in california are f**k in the ass with property taxes to make up for this, deflating the housing market and discouraging growth but at least we can get up to 40%!! no? shit. better take out some bonds
Americans learn only from catastrophe and not from experience. -- Theodore Roosevelt
My life has become a single, ongoing revelation that I haven’t been cynical enough.