Do any other states/ cities have anything similar to Prop 13?

[Tyler D.]

Hey BP,

I'm looking to invest for the long term, and am considering buying a fixer in California to lock in my property taxes with prop 13. It seems like an excellent long-term play.

I'm curious on if any other states/ cities offer a similar benefit? I've been told that Oregon might, but have not found any proof to back that up.

[Larry Fried]

Yes, Oregon has a similar law with a couple of significant differences. 1st our annual increase is limited to 3%, as compared to 2% for California.  So a disadvantage there.  However, here in Oregon there is no tax adjustment made when the home is sold, unlike under Prop 13.  Big advantage for those buying now, because they pay the same tax rate as previous owner.