The US is not alone in its struggle to find a property tax base to keep pace with rising house prices.
While many states in the western US are struggling to pay their own property taxes, it is California, where property taxes are among the highest in the country.
The state’s total tax revenue of $12.4bn last year, the highest per capita in the US, was a record.
But while Californians are getting hit hard by rising house costs, they are also facing rising property taxes.
The most recent state budget shows that the state had an estimated $16bn in property tax revenues last year.
California is a property-rich state, with the second-highest property tax rates in the United States.
Property values have risen across the state, but property taxes in the Golden State have risen the most, rising at an average of 5.5% over the past decade, according to real estate data firm Zillow.
The top 1% of California households, on average, pay $1,834 in property taxes per person.
This is a higher average than in the other states of the state (California is a “property rich” state, meaning the top 1%, on average pay more in property than any other group).
The gap between property taxes paid and the income of the poorest Californians has widened in recent years.
In 2016, the richest 1% in the state paid about $5,600 more in taxes than they earned in income.
This means that the richest 10% of Californians paid $16.5bn more in income taxes than the poorest 1%.
In contrast, the poorest 20% of the population paid less than $5.50 a week in property-related taxes.
Property taxes are a key component of the government’s property tax rolls.
According to the latest US Census data, the median income of California’s residents was $83,000 in 2016, while the median property tax bill was $1.2bn.
The median income for Californians in the top 0.1% of households is $5m, while that of the richest 0.001% was $19m.
The US property tax system was created in the early 1900s to help finance the development of the California Gold Rush.
However, California’s property taxes have grown dramatically in recent decades, and are currently among the most expensive in the world.
California has been hit hard because of the rising cost of living.
Property tax rates have been high in the 1960s and 1970s, as the state struggled to keep up with rising housing costs and with the growth of the housing industry.
The property-driven boom in the housing market coincided with the end of the Great Depression.
However in recent times, the housing bubble burst, and California’s tax base shrank dramatically.
California’s economy has been a key driver of the property tax burden in California, with house prices having risen by nearly 25% over that time.
The housing bubble and subsequent recession has left many Californians feeling that their property taxes haven’t been paid.
Meanwhile, a rise in housing prices has also caused a significant drop in tax revenues for the state’s general fund.
The general fund accounts for about 20% to 30% of all California’s budget.
Its main purpose is to fund social services and other public agencies, such as schools and health care.
A reduction in revenue for the general fund is typically expected to have a devastating effect on state budgeting, as public services are not funded.
This has meant that the general budget has shrunk by almost 20% since 2010, according the Legislative Analyst’s Office.
In the most recent budget, California legislators decided to raise property taxes by 1.25% in 2017, but the state has not implemented any of the higher increases since.
A further increase in property taxation is due to be discussed by the state legislature next month.
Meanwhile property tax bills are already going up in California.
The tax rate on unsold homes in California has jumped from $6,000 to $12,000 since 2010.
In 2017, the average home price in the California state was $3,942.
In comparison, the home price of an average American home was $197,000, according Zillows.
This rise in home prices has been linked to the state government’s budget crisis.
The governor of California, Jerry Brown, has proposed a 2% tax increase on homes worth $1 million or more.
According the Zillower report, the increase would raise $6bn for the General Fund, with about one third of this coming from property taxes and the rest from sales and other fees.