California Looks at Prop 13 Loophole

There is a big loophole in prop 13, the California initiative that limits property tax increases.

If you sell the property, the new owner is assessed at full market value, but if you sell the corporation that owns the property, there is no reassessment.

Honestly, I don't understand why 60% of Californians still support the measure, when it has so clearly screwed up the state.