Property Spring 1995 William Nelson Chapter I: The Power of Legislatures to Allocate Wealth

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E. Valuing Property

1. Replacement value: limited to what can actually be


2. market value

a. most common

b. generally go by comparable sales in neighborhood

3. Income Capitalization

a. requires a temporal condensation of the income stream into a discounted present value.

b. Formula: Income = Principal * Return - solve for principal

IV. Proposition 13
A. Pre-Proposition 13

1. method of assessment: assessors usually only assessed when

something was bought or sold. This was not a problem when there

was no inflation.

2. Once price increases: there was a huge inequity between taxes that people with identical property paid. Also computers became common place.
B. Actual Proposition 13

1. Components

a. as of 1978, rolls back assessments to 1975-6 value

b. if new construction, or if property is sold, basis of

reassessment is the sales price or building price.

c. changes from a current value method to an acquisition value.

2. adopted: as an amendment to the State Constitution, legalizing

an assessment process which has been used for years.

3. effect: people w/ same property pay vastly different rates.

Deters businesses from expanding or changing location. Only speak to homeowners and residential problems.

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