It doesn't have to be a significant portion...just a visible one. Think of all the people who work in tech or other high paying professions and own places in NYC, Boston, SF, etc. A lot of them don't have kids, or have at most 1, maybe 2. These are homes that the kids may want to keep rather than sell, locking the "wealth" within a family.
I'm about to give up, and let history repeat itself.
Yes--if an child inherits a house, they can inherit the property tax their parents paid, if they fill out the paperwork within 120 days-- I believe. Multiple children usually inherit the family home, with the eventual angry sale. The home goes back on the market, and full property taxes are paid.
Most kids aren't inheriting mansions. The're usually track houses in need of repairs. Most of the kids had blue collar parents, and never thought their bungalow would be worth a million dollars.
It's really getting old. If the younger set had any idea how politicians wasted that Prop 13 money; we wouldn't be blaming our current problems on Prop 13.
Blame your boss who who just has to live in the best neighborhood, with the best climate.
I guarantee if Prop 13 was repealed REITS, rich foreigners, and Zuckerburg types would swoop in and buy up most of the stock, and rent it back to employees.
Person who didn't see their dad crying at the dinner table, "But at least we would have more tax money?". Look at how your county spends your property taxes now; Not so good?
