Property in CA is speculative and fluctuating. One cannot accept paying taxes based on assessed value. Property market is a volatile market.
It is the equivalent of gambling. Would it make sense if our taxes on the roof over our heads are pegged to Wall Street or stock exchange indices?
When property taxes have to be imposed based on fluctuating speculative assessed value, how would people on fixed income and pensions plan to pay their property taxes at the end of the year?
The assessed values already increase every year. Social security payments are capped. Salaries are based on employment contracts and is capped.
The habit of paying tech workers with stock options that are essentially speculative financial instruments have taken away all realistic financial intelligence one would assume amongst the current generation.
A good economy relies on stability. How does pegging fixed incomes to volatile speculative property value make any sense? It is entirely irrational and illogical. It’s financial illiteracy. You can’t plan for anything and especially not retirement. Such short term thinking.
