Yes, there are several details that I did not mention (Proposition 8 reductions, appraisal of improvements, base year value transfers, etc.) > The actual rate

Yes, there are several details that I did not mention (Proposition 8 reductions, appraisal of improvements, base year value transfers, etc.) > The actual rate of inflation is not a factor. Incorrect. The change in base year value is less than or equal to inflation. Proposition 13 allowed annual adjustments to the base year value by “the inflationary rate not to exceed 2 percent” (California Constitution XIII A http://leginfo.legislature.ca.gov/faces/codes_displayText.xhtml?lawCode=CONS&division=&title=&part=&chapter=&article=XIII%20A http://leginfo.legislature.ca.gov/faces/codes_displayText.xh...), which the legislature implemented as the lesser of “the California Consumer Price Index for all items” and 2% (RTC 51 http://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=RTC&sectionNum=51. http://leginfo.legislature.ca.gov/faces/codes_displaySection...). See the most recent letter to assessors for the actual numbers (https://www.boe.ca.gov/proptaxes/pdf/lta19050.pdf https://www.boe.ca.gov/proptaxes/pdf/lta19050.pdf). But I take your point that I should have said “adjusted by up to 2% per year” instead of “adjusted for inflation” above, since it usually isn’t fully adjusted for inflation.