California – Property Tax Hike for Most

Assessed property values in San Diego County rose 6 percent last year, but most homeowners will only see a fraction of that reflected in their property tax bills.

The County Assessor reported last week that assessed values of homes, boats, planes and business property collectively rose $24.6 billion as of Jan. 1, 2014, the day values are compiled for property tax bills.

For 575,000 homes, or 68 percent of those in the county, assessed values will rise less than 0.5 percent because of Proposition 13, which California voters passed in 1978. The measure mandates that property values for tax purposes cannot grow more than the California Consumer price Index or 2 percent, whichever is lower. Last year, the California Consumer Price Index, which measures inflation, was less than 2 percent, so owners that were not given a break on property taxes during the housing crisis will see that smaller increase reflected in their tax bill, which is 1 percent of assessed value plus any local charges.

The limit on the tax bill increase, however, doesn’t apply when properties are sold or there is new construction. There is also an exception for owners who got a downward assessment during the housing crisis. For those people, there is no limit on how much a property tax bill rises until it reaches its assessed value before the decrease.

read more at:  http://www.utsandiego.com/news/2014/Jul/01/property-tax-homes-realestate-prop-thirteen/

Disclaimer: for information and entertainment purposes only

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