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It does, because the property value is high right, but in California that rate could be "locked in" by the same owner decades ago (property tax doesn't change h
by komali2 8y ago
It does, because the property value is high right, but in California that rate could be "locked in" by the same owner decades ago (property tax doesn't change here until sold).
I'm guessing the op meant a secondary, even greater and separate tax.
- duck 8y agoThe loophole of value being only assessed when buying property needs to be fixed asap as that would probably fix a lot of issues in California.
- dragonwriter 8y ago> It does, because the property value is high right, but in California that rate could be "locked in" by the same owner decades ago (property tax doesn't change here until sold). Property taxes can change annually, though there is a 1% maximum rate limit, and so can assessed values, though there is an upper bound to assessed value based on a 2% per year increase over the baseline value set by a qualifying sale or improvement.