California law has put caps on the increase of assessed values, and a full re-assessment only happens when the property changes hands. http://en.wikipedia.org/

California law has put caps on the increase of assessed values, and a full re-assessment only happens when the property changes hands. http://en.wikipedia.org/wiki/California_Proposition_13_(1978) http://en.wikipedia.org/wiki/California_Proposition_13_(1978... So if you've owned a property since the 70s you're most likely paying less in taxes than someone who'd buy it from you today.