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it makes it so you never have to pay property taxes. under prop 13 the house's assessed value for tax purposes only gets updated to the new fair market value when it is sold. it was designed with this huge fuckoff loophole where a shell company can own the house and you can sell the shell company which means the house itself is never sold so you still pay tax on the 1978 value.
Shear Modulus has issued a correction as of 00:50 on Dec 17, 2018 |
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Dec 17, 2018 00:46
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Shear Modulus posted:it makes it so you never have to pay property taxes. under prop 13 the house's assessed value for tax purposes only gets updated to the new fair market value when it is sold. it was designed with this huge fuckoff loophole where a shell company can own the house and you can sell the shell company which means the house itself is never sold so you still pay tax on the 1978 value. Somehow I just knew it was going to be some form of cheating or fraud. gently caress Ross Johnston.
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Dec 17, 2018 00:52
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100 HOGS AGREE posted:who wants to see a developer getting hosed: loling endlessly at the fact that a 5 million dollar house is outrageous because its merely double or triple the average house price in sf.
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Dec 17, 2018 01:01
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Chomp8645 posted:The guy had a company with the name of the address the house was located at? Presumably just to manage that single house on it's own? I knew a guy who invented a charitable organization (and suckered people into donating money to it that he would then pay to its employees (him and his wife)) and made his home the main office so he could be exempt from property tax.
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Dec 17, 2018 01:41
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spacetoaster posted:I knew a guy who invented a charitable organization (and suckered people into donating money to it that he would then pay to its employees (him and his wife)) and made his home the main office so he could be exempt from property tax. *35% of america* well that's just knowing how to use the system to your advantage- smart!
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Dec 17, 2018 02:23
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Shear Modulus posted:it makes it so you never have to pay property taxes. pretty sure they have to pay property taxes, they just don’t go up. (they lose the principal residence cap gains exemption on sale, too.)
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Dec 17, 2018 02:54
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I read somewhere once that the tax system is set up on the assumption that people will get the best outcome for themselves via deductions and whatnot. loving the system just seems like the right thing to do if you earn less than 100k a year. And keep a a list of wealthy people who live within walking distance.
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Dec 17, 2018 03:13
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boar guy posted:*35% of america* well that's just knowing how to use the system to your advantage- smart! isnt this more like 75% of america
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Dec 17, 2018 04:57
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Shear Modulus posted:it makes it so you never have to pay property taxes. under prop 13 the house's assessed value for tax purposes only gets updated to the new fair market value when it is sold. it was designed with this huge fuckoff loophole where a shell company can own the house and you can sell the shell company which means the house itself is never sold so you still pay tax on the 1978 value. Also it lets him do stuff like just declare the llc is bankrupt if he doesn't wanna comply with that order then do an abc bankruptcy and buy assets off it ir do other tricks like dissolve it to get out of trouble.
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Dec 17, 2018 05:21
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Chomp8645 posted:The guy had a company with the name of the address the house was located at? Presumably just to manage that single house on it's own? This is extremely common yeah, usually when ppl own multiple properties It is a tax thing and also a liability thing - if someone sues you for reasons related to property X then they can only go after what property X LLC owns even if the owner of the llc owns a lot of other stuff too)
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Dec 17, 2018 05:23
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Wasabi the J posted:The only houses I know that are bought by LLC are rented out. Yeah the liability thing is real great for landlords
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Dec 17, 2018 05:24
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Subjunctive posted:pretty sure they have to pay property taxes, they just don’t go up. (they lose the principal residence cap gains exemption on sale, too.) yes as you might have seen in the remainder of my two-sentence post i die indeed say they pay the taxes on the hilariously low 1978 value
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Dec 17, 2018 06:31
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the house i live in with three roommates for ~$4000 a month is according to zillow worth like $1.8M but the county assesses it at $120k and the property taxes are $6000 a year just lmao
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Dec 17, 2018 06:35
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It'd be nice if property taxes were based on the rent the landlord receives. But California is determined to bring back feudal priviledge so welp
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Dec 17, 2018 11:34
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Larry Parrish posted:It'd be nice if property taxes were based on the rent the landlord receives. But California is determined to bring back feudal priviledge so welp rental yield in california is complete dog poo poo despite the rents themselves being high because the property prices are so leveraged
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Dec 17, 2018 11:38
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yo why do all tech companies love california so much? is it really just the good weather?
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Dec 17, 2018 12:32
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qkkl posted:yo why do all tech companies love california so much? is it really just the good weather? William Shockley had a sick mother in Palo Alto and the rest is the snowball effect. One of the regulatory factors you’ll see cited is that California courts do not enforce noncompete agreements.
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Dec 17, 2018 12:37
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qkkl posted:yo why do all tech companies love california so much? is it really just the good weather? Proximity to other tech companies allowing more movement between tech skilled workers. Similar to how Microsoft developed the Seattle area.
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Dec 17, 2018 12:40
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I doubt the weather hurts tho. when everything isn't on fire it's really nice out there. I was in LA two weeks ago and it was like 60 and sunny during the day. Now I'm back in Michigan and I've seen the sun like twice since I got back.
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Dec 17, 2018 13:12
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I imagine the nice climate is good for attracting talent, too
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Dec 17, 2018 14:06
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Hollywood got started as the movie place because it was as far away as they could get from Edison's film patent goons.
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Dec 17, 2018 14:23
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Platystemon posted:William Shockley had a sick mother in Palo Alto and the rest is the snowball effect. That doesn't make sense, noncompete agreements benefit companies because workers can't just leave their job for better pay at a competitor, thus allowing companies to pay workers less and make them work harder. Tech companies would make the most money by all leaving California and going to a state that enforces noncompete agreements so they can exploit their workers more. But it will only work if ALL tech companies left California in unison, otherwise tech workers would want to stay with the companies that remained in California.
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Dec 17, 2018 16:09
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Well O.K., going back to the original phrasing, tech companies don’t love it. Still, it’s good for the sector as a whole and any SV wanabe locale that enforces noncompetes is not setting themselves up for success.
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Dec 17, 2018 16:29
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qkkl posted:That doesn't make sense, noncompete agreements benefit companies because workers can't just leave their job for better pay at a competitor, thus allowing companies to pay workers less and make them work harder. That's called the prisoner's dilemma. It ends with none of them being able to leave for fear of all the talent going away to other companies who stayed. Not that it matters since tons of states don't enforce non-compete agreements these days. Also, they chose California because it's where all the computer manufacturing companies were since a lot of that tech was invented at Stanford iirc. Now it's there for the same reasons all finance companies are centered around NYC. It's where everyone else is.
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Dec 17, 2018 16:39
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Also a lot of national labs are in California which is where all the tech jobs were before the consumer market so why start a company in Minnesota or whatever when all your potential hires live in the Bay Area?
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Dec 17, 2018 16:57
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100 HOGS AGREE posted:I doubt the weather hurts tho. when everything isn't on fire it's really nice out there. I was in LA two weeks ago and it was like 60 and sunny during the day. Now I'm back in Michigan and I've seen the sun like twice since I got back. the bay area doesn't really burn that's to the north or way to the south also california labor law is an important factor. among other things, non-competes aren't really a thing in california (you hafta pay them while they're active here), and it's basically illegal for employers to claim ownership of the side projects their workers create Larry Parrish posted:Also a lot of national labs are in California which is where all the tech jobs were before the consumer market so why start a company in Minnesota or whatever when all your potential hires live in the Bay Area? lotta aerospace stuff too which preceded all the microchip assembly - and both are why there are so many superfund sites around here; santa clara county is polluted as hellllllll H.P. Hovercraft has issued a correction as of 18:08 on Dec 17, 2018 |
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Dec 17, 2018 18:05
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Silicon Valley used to be a place where you could get every single aspect of the computer parts manufacturing process done, starting from fuckin' sand and ending up with a finished computer. That gave it a hell of a lot of momentum that it's still sorta coasting on.
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Dec 17, 2018 19:27
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bay area environmentalism has its roots in the fact that santa clara has the most superfund sites in the nation
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Dec 17, 2018 19:28
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There was also good infrastructure and it snowballed. Funny how areas that were busy laying down fiber got business that the areas tax cutting themselves into desolation missed out on. Weird.
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Dec 17, 2018 22:50
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https://twitter.com/boring_as_heck/status/1074831894447943680
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Dec 18, 2018 02:05
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I'm conflicted, considering juries are always filled with morons. Just because a court found it to be true doesn't mean it's an actual fact.
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Dec 18, 2018 02:10
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Lambert posted:I'm conflicted, considering juries are always filled with morons. Just because a court found it to be true doesn't mean it's an actual fact. I thought this way too at first but at our school they literally brought some kind of indoctrination instructor who told us that if everyone says 1 + 1 = 3 then it makes it true.
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Dec 18, 2018 11:50
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qkkl posted:I thought this way too at first but at our school they literally brought some kind of indoctrination instructor who told us that if everyone says 1 + 1 = 3 then it makes it true. If everyone says that 1 + 1 = 3, the likeliest explanation is that you had a brain injury and misremember the value of the numerals. It’s like the Mandela Effect but instead of being the One Sane Human in a vast supernatural conspiracy, you’re just retarded. Now, if they illustrate it with some countable objects, then you have a problem. (USER WAS PUT ON PROBATION FOR THIS POST)
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Dec 18, 2018 12:26
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when declaring bankruptcy, please first make sure the company absolutely has no money left directors: 
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Dec 18, 2018 13:39
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"facts don't care about accusations that our product has asbestos in it"
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Dec 18, 2018 15:42
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Dec 18, 2018 19:43
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Hospitals in the United States are for-profit businesses. That's an lol!
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Dec 18, 2018 19:47
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 e: content FMguru posted:lol someone leaked the google policy document that specifies exactly how to treat temp/contract employees as non-human Taintrunner has issued a correction as of 19:56 on Dec 18, 2018 |
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Dec 18, 2018 19:48
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dont mind me just lolling at a world where distributing t-shirts to low level temp workers is seen as a conflict of interest but companies can get government kickbacks after donating millions of dollars to a politicians campaign
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Dec 18, 2018 20:25
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Sorry losers, just not cool enough to work for Google *sits alone in office ball pit*
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Dec 18, 2018 23:07
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