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09-17-2014, 02:57 PM #1
State tax board warns California homeowners that some may see steep property-tax incr
Someone has to pay for all those illegal's education.
State tax board warns California homeowners that some may see steep property-tax increase
Sep 15, 2014, 4:00am PDT
StaffSacramento Business Journal
The good news is that California home prices are recovering from the crash.
The bad news came Friday in a reminder from the state Board of Equalization:Property taxes may jump more than 2 percent in a year — despite Proposition 13.
The assessed valuation of a home, which determines the tax, may stay flat or even decline when the housing market sags. But the state's landmark 1978 property-tax law allows counties to raise the valuation when the market recovers. That increase can exceed 2 percent in a year, so long as the new value doesn't exceed what it would have been had 2 percent increases continued every year since the last sale.
Homeowners always have the right to appeal the valuation set on their property. More information is available from the board or each county assessor's office.
http://www.bizjournals.com/sacrament...ners-that.html
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