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.
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