Learn About Proposition 13

Proposition 13 was adopted back in June of 1978 by the California voters. Prop. 13 changed the taxation of real property and, as a result of this Constitutional Amendment:

– The maximum amount of property tax cannot exceed 1% of the property’s assessed value, plus any bonds or fees approved by the voters.

– Real property can only be reappraised upon a change of ownership or new construction. Business and personal property, including boats, airplanes, and certain restricted properties are subject to annual appraisal.

– The value determined at change of ownership or new construction is increased each year by an inflation index not to exceed 2% per year. This inflation-adjusted value is called the “factored base year value.”

– Properties purchased before March 1, 1975 will have a base year value of the 1975 assessed value.

Thank you for reading my latest blog. For more information or assistance please reach out to me – Kristi Muñoz – by calling 909-841-7645.