greybeard
Herd Master
Ok, reading the following, I see they do re-appraise at selling and appraise it close to true market value but keep the rate at around 1% with an annual max of 1% increase capped at 2%, but if the following is correct, the increase can't go up more than 2% PER YEAR.
https://www.hjta.org/propositions/proposition-13/what-do-you-tell-new-neighbor-about-proposition-13/
And Prop 8 comes into play if a given property drops in market value, but if values start back up, the annual increase can be dramatic.
https://parcelquest.wordpress.com/2013/03/15/why-did-my-property-tax-bill-increase-so-dramatically/
NN. I still don’t see what good Proposition 13 is to me.
A. Well, besides your lower tax rate, it makes your taxes predictable. In a few years when new houses sell in the neighborhood for two or three times what you paid, you will be protected. Under Proposition 13 your property taxes can’t go up more than two percent a year.
https://www.hjta.org/propositions/proposition-13/what-do-you-tell-new-neighbor-about-proposition-13/
And Prop 8 comes into play if a given property drops in market value, but if values start back up, the annual increase can be dramatic.
https://parcelquest.wordpress.com/2013/03/15/why-did-my-property-tax-bill-increase-so-dramatically/
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