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GMAT Verbal Reasoning Practice Test 2
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Question : 35 of 101
Marks:
+1
,
-0
With Proposition 13 , if you bought your house 11 years ago for
$
75
,
000
\$ 75,000
$75
,
000
, your property tax would be approximately
$
914
\$ 914
$914
a year ( 1 percent of
$
75
,
000
\$ 75,000
$75
,
000
increased by 2 percent each year for 11 years); and if your neighbor bought an identical house next door to you for
$
200
,
000
\$ 200,000
$200
,
000
this year, his tax would be
$
2
,
000
\$ 2,000
$2
,
000
( 1 percent of
$
200
,
000
\$ 200,000
$200
,
000
). Without Proposition 13 , both you and your neighbor would pay
$
6
,
000
\$ 6,000
$6
,
000
a year in property taxes ( 3 percent of
$
200
,
000
)
.
\$ 200,000).
$200
,
000
)
.
Proposition 13 is unconstitutional because it imposes an unequal tax on properties of equal value.
If Proposition 13 is repealed, every homeowner is likely to experience a substantial increase in property taxes.
By preventing inflation from driving up property values, Proposition 13 has saved homeowners thousands of dollars in property taxes.
If Proposition 13 is not repealed, identical properties will continue to be taxed at different rates.
Proposition 13 has benefited some homeowners more than others.
Validate
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