This is why we have markets. This news is now public, and TSLA is down today, ie investors have decided it is worth less after the news than before it.
No homestead exemption. Roughly 3.1% tax rate. Northwest corner of Austin, in the 78717 zip code. Leander ISD if I recall correctly.
California taxes were affected by CA deduction, CA personal exemption, and 401k (which I didn't max out, and even without it I think the original claim still stands although just barely)
Elon personally potentially saving billions in taxes might have a lot to do with both of those ie his move and then the company's move. As an investor in the company, I am concerned about that (that this change was done to benefit one person rather than the company).
Not sure why this comment is being down-voted, but I do agree with it somewhat. As an outsider, I see other states like Washington state also having no state income tax, but none of the kind of writing when companies move there or form there instead of California.
I think GP's point was more about wondering whether this change is beneficial to the company, or mainly beneficial to Elon. I think that's a very valid question.
For two years before the pandemic, I carpooled with Tesla HQ employees almost one a week (depending on who I got matched with on a particular day) and I only live 15 miles away.
> though I personally think it inflates home prices in CA above their "true" market value and disincentivizes anyone from selling/moving
Exactly. And this is important for potential homeowners to understand. It is one of the things that makes California real estate so attractive. One has to view their house as an investment, not just a place to live.
A decade ago, I owned a 200k house in Austin while making a 6-figure salary in California-- I paid more in property taxes on the house in Austin than I did on income taxes on my income in California.
You might want to tell Tesla that. They just added a ton of office space in Palo Alto: https://www.mercurynews.com/2021/10/08/tesla-agrees-to-big-o...