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However unfortunately, California's municipal and public school financing programs are sort of messed up given the property tax caps that home-owning voters gave themselves beneath 1978's Proposition 13 after which the requirement of a majority vote for any new income-producing charges or taxes beneath 1996's Proposition 218. If you happen to bought your actual property asset via a section 1031 tax-deferred alternate, you had been allowed to defer capital gains taxes as a result of exchange of your property for a like-kind or similar actual estate property (e.g., an workplace building for a shopping mall).
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