San Francisco's iconic Painted Ladies houses exhibit a significant disparity in property taxes, with amounts ranging from $1,000 to $44,000. This variation is a direct result of California's Proposition 13, a complex housing law that has far-reaching implications for the state's housing market. Proposition 13, passed in 1978, caps property tax increases at 2% per year based on the property's assessed value at the time of purchase. Thus, long-term homeowners benefit from lower taxes, while new buyers face significantly higher rates. This discrepancy is highlighted by the Painted Ladies, where one homeowner pays as little as $1,108, while a neighboring house incurs a tax bill of $17,491. Another homeowner pays $43,000. The San Francisco Chronicle's detailed explainer, complete with visualizations, sheds light on how Prop 13 affects property taxes and the broader housing market in California.
San Francisco’s Painted Ladies: Why does one homeowner pay $1,000 in property tax and another pays $44,000? This wide range in property taxes is a result of California Proposition 13. Here’s why that matters for California’s housing market. https://t.co/ZtXbavBV0H
"S.F.’s Painted Ladies: Why does one pay $1,000 in property tax and another $44,000?" Ah, Prop 13, whereby the old money has most of the assets but makes the new people pay most of the taxes. (Easy to be fine with high taxes when you exempt yourself.) https://t.co/1WTMIUeBOs https://t.co/V29VT6eQDT
The Chron has an incredible explainer about the impact of Prop 13 on property taxes featuring the Painted Ladies. Ever wondered how it works but been afraid to ask? Read this primer with wonderful visualizations that shows the impact of CA's sideways tax https://t.co/YOXzJn2F8J
S.F.’s Painted Ladies: Why does one pay $1,000 in property tax and another $44,000?https://t.co/wejOTWK2EB
One of SF's famous Painted Ladies houses pays just $1,108 in property taxes. Its slightly-smaller next door neighbor? $17,491! https://t.co/SbwcxcGf8q
Why do San Francisco's Painted Ladies have property taxes ranging from $1,000 to $44,000? My latest story on how the iconic houses explain Prop 13, California's most important (and complicated) housing law @sfchronicle https://t.co/XcL5SdtNaV
The Painted Ladies are among the most iconic houses in San Francisco. Despite their uniform look, the amount each homeowner pays in property taxes varies widely — ranging from just $1,100 to $43,000. Here’s why it matters for California’s housing market. https://t.co/AvSnpEUSsu
So grateful for my @sfchronicle subscription today!! Love this journalism from @namisumida and @tamaranchorider — using the wildly ranging property taxes on the Painted Ladies (with A++ visuals!) to clearly explain complicated Prop 13. 💯💯💯 https://t.co/UZyW3NaHk4
Scoring big two-bedroom condos for around $700K, these San Francisco homeowners say owning property came with a different price: isolation. https://t.co/xhO9iuZQdY