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View Diary: Republicans can't cover up policy failure with diversity outreach (109 comments)

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  •  Oh, it's worse than that. (1+ / 0-)
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    laurak

    Those small corporations that owned a piece of property--they didn't just go under and die, and have their property bought by another corp. The new corporation bought the original, and continues to hold it. The property, under the legal fiction, is STILL owned by the original owner. So the taxes didn't get reset.

    That's gone on in many, many cases. Repeatedly. The faction of property taxes paid by corporations has fallen steadily--and this is why. Even as they make more and more and more money, they pay property taxes on the rate that was bases on what a corporation that effectively ceased to exist decades ago paid. Because they bought the corporation, not the property.

    Prop 13 created, effectively, a split roll; one for people, and one that gets preferential treatment, for corporations.  It just hid that.

    "Be just and good." John Adams to Thomas Jefferson

    by ogre on Sun Dec 09, 2012 at 08:30:24 PM PST

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