Warren buys full page ad in Adelson's NV newspaper showing how much wealth tax he'll pay

[aggiesal]

63. +++ ...

Here in California, we passed Prop 13 so that the elderly do not lose
their long time home, because property taxes were increasing to the
point the elderly could no longer pay with a fixed income.

So a system was set up so that the property tax is based on the price
of the home when purchased, not the current appraised value.

At the time when Prop 13 was passed, commercial property paid
about 80% of the property taxes collected, while residential paid only
about 20%.

But the corporations worked around this by placing the property that
they owned into a separate division of the corporation. When the
corporation was sold, the property would remain in the separate division
so that the new owner didn't have to assume the new appraised value.
They could continue to pay the same property taxes based on the
value of the property when the original corporation purchased it.
(i.e. a lot lower!!!)

Now the residential property taxes are about 80% collected while the
commercial property taxes are about 20% of the total collected.

Gov. Newsom wants to change this by re-appraising the commercial
property every 3 years. Good for him.