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goobster · 2290 days ago · link · · parent · post: California homeowners get to pass low property taxes to their kids. It's proved highly profitable to an elite group
Yeah? And? The law exists. People adhere to the law. They save money. There's a loophole in the law that allows them to ALSO take this benefit when they do not LIVE in the property. That's the oversight. And not the homeowner's problem. Like the article states, time and time again, if they were paying current tax rates on the rental properties, they will still pay all the taxes in about a month of rentals. So it seems a simple thing to propose closing the tax loophole that allows people to claim the tax benefit on RENTAL properties. Don't blame the player. Blame the game.