"People would move more instead of being locked in to a low effective property tax." - this just means that older and retired people would get kicked out of stable living situations, driven by property tax assessments which are often driven by real estate market boom/bust cycles. And housing prices would be just as high as with prop 13.
The bad part about prop 13, is that it never should have applied to anything other than primary residences of people. Having it apply to rental & commercial properties is what warps the market.
Cities should be cutting their police budgets - most small towns have nearly 50% of the budgets tied up in police. All while there has been a multi-decade decrease in crime.
I don't understand why you think old people would have to move. They have the ability to access the equity in their home at any time through HELOCs or mortgages. If they own a house that shoots up 1M in value, they have just had a massive windfall that they can access through financing to pay the taxes associated with that windfall.
Old people seem to be surviving just fine in areas where property tax is based on current market value? It sucks to move, but luckily they have an extremely valuable property to sell
Young people seem to be surviving just fine in areas where the market value is lower. Sucks to not live in the heart of the city but luckily they have their entire lives ahead of them to accumulate the wealth required.
The bad part about prop 13, is that it never should have applied to anything other than primary residences of people. Having it apply to rental & commercial properties is what warps the market.
Cities should be cutting their police budgets - most small towns have nearly 50% of the budgets tied up in police. All while there has been a multi-decade decrease in crime.