Reply #7: But with property taxes at 1.25% of 'market price' and Prop13 [View All]

[EVDebs]

with a rising RE market and stagnant wages...something's gotta give sometime just as in 1978 when Prop13 passed. We need nationwide caps on property taxes tied to a percentage of median household incomes for the different parts of the nation.

It used to be that 25% of income qualified you for a mortgage. Now people are getting them with 50% and higher. I also heard that Fannie Mae is experimenting with 40 year mortgages just to get the monthly payments lower for people.

Something has to be done...With 1 and 1/4 % of market price in CA as the bellwhether for property taxes annually, and 2% annual increases in assessments legally available for assessors offices in each county, CAPS of some kind are going to be required in CA.