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View Diary: Cuomo's Property Tax Cap is a terrible idea (26 comments)

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  •  Your argument is valid (1+ / 0-)
    Recommended by:
    elfling

    for natural persons (and I will go so far as to agree with one transfer-to-partner, but no more).

    The biggest problem with Proposition 13 in California doesn't lie there.  It lies in commercial property, where special corporate entities have been set up solely to own specific proprties.  Transfers of ownership then take place at the business level rather than the property level, so the tax level never resets.

    This is going to be the gift that keeps on giving for the wealthy plus the immortal (think corporations).

    •  I agree (0+ / 0-)

      That's why I suggested that we just assume that any corporate-owned property is sold every year or every few years.

      If you wanted, you could leave a loophole that individually owned commercial properties were not reassessed. This could protect mom-and-pop owned restaurants and stores, for example.

      Fry, don't be a hero! It's not covered by our health plan!

      by elfling on Mon May 24, 2010 at 08:54:26 PM PDT

      [ Parent ]

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