Blogging saves people money
One reader wrote in to note that by reading my "Happy Property Tax Day" post reminded him (or her?) to pay the bill and avoid the late fee. I'm glad I could help, but when I read this I realized that not only are there huge disparities in the amount people pay in property taxes, the late fees are equally unfair. His (her?) late fee is $75 and mine is $193.
understand the disparity of my tax bill is due to Prop. 13, which means wealthy boomers who bought their houses last century might pay a fraction of the property tax that young buyers pay (thanks mom and dad!). I accepted that when I purchased a house. But do they have to stick it to us with a higher late payment as well?
Dear Mariel -
I am the geezer you refer to. Yes indeed, we bought our 2,200' Canoga Park home in 1973 for for 60k with 20% down and a 30 year 6.9% loan. We are not wealthy boomers, who have worked all our lives to own this home. In time, you will come to appreciate Prop. 13. Inflation of your money is government policy. Check the numbers if you don't believe me. At the time Prop 13 passed, many retired geezers were being forced out of their homes with annual property taxes amounting to 5% of their home's current value. There is no way we could afford to buy a house anymore and apartment rent would be 4X our house payment.
Do you feel your taxes - Federal, State, Local are well spent and not wasted?