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wehatetoquitit · 03-25-2007, 10:08 AM

California answered the question of escallating property taxes long ago with proposition 13. This proposition locked in the assessed value on the date of passage and is only allowed to increase at the rate of 1 to 2 percent per year, unless the property is sold. Then the property is assessed at its full market value and the new value (for tax purposes) then escallates at 1-2%/yr. If a City needs additional funds to operate, it must find other means of increasing revenue. This usually means higher development fees, permit fees, or a special sales tax, etc.

The purpose of this bill was to insure that older, retired, or those on fixed income would not be forced from their homes do to increasing property taxes. Transfers between famly members is exempt from the re-assessment.

03-25-2007, 10:08 AM	#9
wehatetoquitit Member Join Date: Mar 2007 Location: California in Winter, Bear Island in Summer Posts: 25 Thanks: 0 Thanked 0 Times in 0 Posts	view tax California answered the question of escallating property taxes long ago with proposition 13. This proposition locked in the assessed value on the date of passage and is only allowed to increase at the rate of 1 to 2 percent per year, unless the property is sold. Then the property is assessed at its full market value and the new value (for tax purposes) then escallates at 1-2%/yr. If a City needs additional funds to operate, it must find other means of increasing revenue. This usually means higher development fees, permit fees, or a special sales tax, etc. The purpose of this bill was to insure that older, retired, or those on fixed income would not be forced from their homes do to increasing property taxes. Transfers between famly members is exempt from the re-assessment.