California's Property Tax System is Based on a Consumer Sponsured Law, Proposition 13. If you live in a state where your property taxes are increased based on the increase in property values in your neighborhood and community, or if you live in a larger, more expensive homes and pay taxes at a higher rate; you will find California’s property tax system to be a welcome relief.
This post is about you, and your tax cost once you buy a California home; for now is the time to buy. California homes are now selling at exceptional values and we have historically low interest rates. Anchor in both a low assessed value and low interest rates. Read on to see how Proposition 13, the basis of our tax code, can help you in both up and down markets.
Can we quantify the advantages of being a long term property owner? Yes, a case study from the Orange County Assessors office provides an excellent example. In this example a home is purchase in 2004 and over a seven year period this home owner saved $3,800 while being protected in both an up-market with rapidly increasing prices where the appraised value increased by only 2.0%, and a down-market where their appraised value was adjusted downward.
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