4 ms·

I wonder how much residential property is still under Prop 13? My guess is that it's declined quite a bit in the last 20 years or so.

• amscanne 4y ago
  It still applies to all residential property. On sale, the tax rate is set to 1% of the sale price, and increases are limited to 2% per year. This creates the incentive to not sell, even if you have way too much house (e.g. empty nesters) because you may significantly increase your tax burden by downsizing.
• dilyevsky 4y ago
  You’re probably thinking of rent control? Prop 13 applies to every property including commercial. You can also transfer reduced tax to your heirs or to another property of yours
  • vondur 4y ago
    Some houses that haven't changed hands since Prop 13 was enacted pay really low taxes. New houses and those that have changed hands since then are not under the really low tax rate. Yes, property taxes in California are lower in rates, but in general, the high value of property will still mean large tax property bills.