California—Property Tax: Taxable Values May Rise More Than 2%

California—Property Tax: Taxable Values May Rise More Than 2%

California homeowners who saw lower property tax bills in recent years may receive much larger property tax bills than anticipated in 2014. When the housing market crashed, Proposition 8 enabled some homeowners to receive significant temporary assessment reductions that resulted in lower tax bills. As housing prices increase, however, a home’s taxable value that had been lowered by the assessor under Proposition 8 may increase more than 2% if its market value increased more than 2%. The increased value, however, may not exceed the factored Proposition 13 value.

California State Board of Equalization, September 12, 2014

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