In the mid-70's, real estate taxes averaged between 2% and 2.25% of assessed valuation--a heavy burden on buyers and remaining property owners.
Today, both pay only 1% on their assessed valuations!
Even though current buyers in (Assessor Alexander H. Pope's) Lakewood example are paying 3 1/2 times the taxes levied on a home occupied by an old-time resident, these buyers are paying only $1,025, as against between $2,050 and $2,306 they would be charged if Proposition 13 had not been passed.
Don't shed unnecessary tears for the "poor buyers." They, too, are receiving the benefits of Proposition 13.