Real estate news — How property taxes are calculated

How property taxes are calculated

Calculating property taxes is much easier than it was prior to the passage of Proposition 13 in 1978. At the time that Proposition 13 was passed, home prices were increasing rapidly, and tax valuations each year were pricing people out of their homes.

Without getting too technical, your initial property tax will be determined by the tax assessor based on the purchase price of the home. That initial property tax will include the general tax levy; special taxes; and any city, county, district, or state assessments.

Once that intial property tax is determined, Proposition 13 allows your general tax levy to increase no more than 2% each year, regardless of how much your property has actually increased in value. Your property tax could be slightly higher when any new special taxes or assessments are included. This is what sometimes causes confusion because people think that the total property tax is limited to an increase of 2% annually. It's just the general tax levy that is limited to that 2% increase, so when you go to vote each year, pay attention to any special property taxes or assessments that you might be voting on.

Proposition 13 also doesn't require your local tax assessor to decrease your property tax if the value of your property decreases, so it's not unusual for taxes to go up 2% even though your property value has gone down. When such situations happen, you have the right to file a special appeal for a reassessment.

For important dates related to tax bills, payments, exemptions, appeals, and more, see Real property tax dates for California.

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If you're looking for a great real estate agent in San Diego, well,
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I'm available 24/7, so feel free to contact me by phone or email.

Jim Frimmer, Realtor
Century 21 Award Mission Valley
California DRE License #01458572
619-729-5701
jimfrimmer@century21award.com
Mission Valley Condos Information

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