So basically the people who just moved in are subsidizing the rest of us significantly.
Not as much as the ratio of property taxes would make you think; given Prop. 13’s other provisions, like the limit on nominal rates, much of the revenue functions that are served by ad valorem property taxes in places that aren't crippled by Prop 13 are, in California, served by a combination of:
(1) Mello-Roos fees (per-parcel assessments that are weighted by value and so aren't affected by the Prop 13 assessment increase discrepancy),
Comments
Not as much as the ratio of property taxes would make you think; given Prop. 13’s other provisions, like the limit on nominal rates, much of the revenue functions that are served by ad valorem property taxes in places that aren't crippled by Prop 13 are, in California, served by a combination of:
(1) Mello-Roos fees (per-parcel assessments that are weighted by value and so aren't affected by the Prop 13 assessment increase discrepancy),
(2) state and local income taxes,
(3) state and local sales taxes.