A■ Thomas D. Elias / Columnist ny time traveler revisiting the California of 1978 would have an easy time understanding why Proposition 13 passed so handily that year, lowering property taxes throughout the state to 1 percent of the latest sale price or 1 percent of the 1975 assessed value. Such a traveler would enter a land with skyrocketing property taxes based on the latest market value of each property. Not the latest sale price, but an arbitrary market value assigned to every piece of property by county assessors basing their numbers largely on “comparables,” the prices of similar homes in the same or nearby neighborhoods. Many senior citizens and others
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