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this post was submitted on 21 Jun 2024
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While there are no posts here defending Disney or disparaging the employees suing, I want to add why there is a major impact on people who move away from CA.
One thing that sets CA apart from I think the rest of the country is our limit on property tax increases. Most states, if not all others (I'm too lazy to check), raise your property based on assessed value on a regular basis. Some states do it every year, I think TX does it even more often. CA passed a law a long time ago saying that your house's tax assessment only changes when you sell your house. It was intended to allow old people to stay in their houses when property values skyrocketed around them. It's honestly amazing and the only reason I can keep the house I bought 12 years ago. Yes, it has loopholes that rich people can get around (buy the house with an LLC, then sell the LLC instead of selling the house), and it has also contributed to rising house values since nobody can sell their houses unless they get a significant salary increase or move out of state.
So these people are told they have to move out of state to some brand new facility for a super stable company. They plan to be in this new place for the rest of their career, so instead of keeping their CA house and trying to rent it they decide to do the easy thing and sell so they can buy a giant house in FL. Now they have to move back to CA, but the house they sold is both more expensive AND even if it were the same price their assess tax value went from $7000/year to $21,000/year. So they need at least a $14,000/year raise (after taxes!) just to be where they were when Disney told them to move plus some sort of post-retirement annuity to keep paying that extra tax rate.
Just once a year in TX, to clarify that point. It does lag behind true market value, and it's limited to 10% per year if you live in the home.
Thanks for that!
For reference, CA is limited to 1.1% per year.