If property values have doubled in Los Angeles, in recent years, so have property tax revenues.?

Question

I am just wondering what have they done with the extra money, because they sure haven't improved the schools, hospitals and roads....

Answer 1

Little by little they have,you just have to look harder.I was thinking the same exact thing!

Answer 2

No, revenues have not doubled. Not even close. Prop 13 severly limits the revenues from property taxes and the amounts that they can increase annually.

Until a property is sold, the property taxes are locked in at the rate determined the last time that ownership changed with limits on how much they can be raised each year. For this reason, two identical homes next door to each other may have staggeringly different property tax bills.

Answer 3

Property values may have doubled, but property taxes have not doubled. Prop 13 limited the maximum annual increase in property tax for a home to 2% per year. At that rate it would take about 36 years for the property tax to double. When the house is sold, then the tax will be roughly 1% of the sales price.

Answer 4

Technically speaking taxes should also increase but they don't, If they would increase taxes most people will not able to afford to live in that area and have to move some where else. Many will go bankrupt.People will have to cut down expenses somewhere else to pay for Taxes. Many times rich people move in poor gets out from same area.; increase in taxes also used in certain countries and in a certain area to acqire the prperties where they are in a way constructively evicted or punished or to get rid off certain type of economical groups and elements just to be replaced by desireable different groups people and investors.

Answer 5

The property tax revenues did not doubled due to proposition 13.

Answer 6

possibly the costs of running all those things have doubled too.