California has one of the most generous state financial aid programs in the country. In addition to receiving federal financial aid such as the Pell Grant, many California resident students also attend college tuition-free through various state and institutional grants at the California Community Colleges (CCCs), the California State University (CSU), and the University of […]
The Community College League of California’s annual convention brought together California community college professionals and state and national leaders who shared their knowledge and experience. Policy Analyst Amy Rose presented her research on how much a debt-free college system would cost in California.
For the California Association of Student Financial Aid Administrators’ (CASFAA) annual conference, “United Toward Access,” Policy Analyst Amy Rose presented her research on how much a debt-free college system would cost in California.
Figures from the California Budget & Policy Center show who truly benefits from this arrangement. Due to Proposition 5’s complicated formula, those selling the most expensive properties will reap far greater savings. For example, take two families who bought houses 20 years ago for $200,000. Both decide to move into $1.5 million condos. If the first family’s house is now worth $500,000, they would save $3,000 on their annual tax bill. If the second family’s home is worth $1.4 million, they would save a whopping $12,000 a year.
[Analysis by the] California Budget & Policy Center . . . point[s] out that about 85,000 California homeowners 55 or older already are moving to different homes every year and paying higher taxes. The property tax gains from the increased turnover spurred by Prop. 5 — perhaps “a few tens of thousands” of homes — would be more than offset by the loss of taxes from those 85,000 who would have moved anyway.