The next time someone complains about their property tax going up, I'm going to scream!

[PeaceWave]

12. Ya'll in other states need your own version of California's Proposition 13.

If you're unacquainted with that law...Pass in 1978, California's Proposition 13 was a landmark amendment to our state constitution that capped property taxes at 1% of a property's purchase price, limiting annual tax increases to a maximum of 2%. The goal was to prevent homeowners from losing their homes due to rapid tax spikes. So, for instance, let's say that you buy a home for $500,000. Your Year 1 property tax is capped at $5,000. In Year 2, your property tax is capped at $5,000 + an additional 2% ($100) = $5,100. It's the tax gift that just keeps on giving.