You can just walk around the neighborhoods and see how quickly homes are selling in B'game. The Daily Journal is reporting on the County Controller's report here that puts numbers to the sales rates and the possible tax ramifications
August 2012 was the strongest month for Bay Area home sales in six years and the number of homes sold increased 14 percent over the previous year. Adler wrote that the county’s median prices continue to rise — the single-family home median rose 8.9 percent to $826,250 — and the improving real estate market in the county should continue to increase assessed property values and, in turn, future property tax revenue.
The property tax assessment roll is also up 3.33 percent, or $4.75 billion, which means an increase in property tax revenue of about $47.5 million for schools, cities, special districts and the county. However, the future doesn’t include refunds, which are unpredictable. For example, in fiscal year 2011-12, the county processed $26.3 million in refunds.
The report also noted that the commercial property vacancy rate was up 14.1 percent and the per capita personal income increased to $67,964 which is an ongoing increase.
If you read up on the deal that has backed us a step or two back from the fiscal cliff, there are some notions of limited deductions on upper income people that could affect mortgage deductions and hence the real estate market generally. We'll see if it is enough to disrupt the B'game gravy train.