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Prop 13 applies to all property owners in the state of California. Current California Property Tax Law was put into law as part of the California Constitution in 1978 by taxpayers to control the amount of property taxes paid by homeowners. Before Prop 13 there was no limit to help taxpayers on property taxes. The assessed value was based on the varying home values every year and because the market values increased substantially over time in California, the amount of property taxes increased tremendously. As the values of the houses went up over time, older folks on fixed incomes were being driven out of their homes unable to pay the property tax increases.
Current California Property Tax Law was passed to assist seniors on fixed incomes who could not adjust to increasing property taxes. This amendment was initiated by Howard Jarvis was a result of a ballot initiative passed by voters in June of 1978, called People’s Initiative to Limit Property Taxation. Prop 13 is an amendment to the California State Law and is still a hot topic today because of its limiting nature and the imbalance it has created in terms of how much each homeowner pays. Taxpayers who bought thirty years ago dont pay nearly as much in property taxes as those who have acquired homes recently and as a result of this many homeowners feel Current California Property Tax Law is unfair and should be repealed.
Current California Property Tax Law applies to all who own property in California even those who have purchased recently. What Prop 13 does today is establish a cap on the amount of property taxes the government can charge you. The initial purchase price of your property, as long it was a market transaction, becomes your base value.
A market transaction is when your purchase price is market value it will be accepted as your taxable base value. If you paid a substantial amount below market value for your home the Assessor will assess you at market value because that is what California Property Tax Law states your taxable base value should be based on. Your assessment is based on market value as of the re-assessable event which is generally your purchase price of the home and if your purchase price was market value the Assessor will accept it as market value. If not, the Assessor will determine a value for you based on comparable sales of your home.
Generally, most California Homeowners pay about 1.25% of their assessed value in actual property taxes per year. The difference between your base value and your assessed value is very simple. Your base value is the value established as of the date of a re-assessable event, often this is when you initially purchased your property. The assessed value is the value you pay taxes on for a designated year since all base values have a 0-2% increase per year based on Prop 13.
So your base value is the value your property taxes are based on and then it will increase slightly every year. Generally, most California Homeowners pay about 1.25% of their assessed value in actual property taxes per year. So as your base value trends every year raising your assessed value year to year, accordingly what you pay in property taxes goes up also. Even though your property taxes do increase some every year it is limited, and is ultimately tied to your base value. So even if the market sky rockets and your market value increases substantially, your property tax base wont increase along with the market it is limited to the 2% trend based on State Law.
About the author: Valerie Faltas has specialized in Property Taxes for the past 5 years and has produced a free report that exposes the truth about Prop 13 and Prop 8. Check out our FREE California ebook which explains Prop 13 in more depth with examples! Feel free to contact me with any questions you may have! Get your free report on Prop 8 and Prop 13 now. You have full permission to reprint this article provided this box is kept unchanged.