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San Diego County property taxes to increase on most homes
Way back when I was just a teenager -- 1978 -- the citizens of California passed an initiative that limits property taxes. The initiative was called Proposition 13 and limits property tax increases to no more than 2% per year.
The purpose was to prevent governments from taking advantage of real estate booms, like we had from ca. 2000-2005, to increase property taxes so high that people had to sell their homes in order to pay the taxes. Prior to Proposition 13, many retired elderly were caught in the vicious booms that basically took away their homes because they couldn't pay the taxes on their retirement salaries.
One significant problem with Proposition 13 is that in a time of real estate busts like that which is occurring right now, the government is not required to re-value your property for you to come up with a new tax basis. They can, and sometimes they do.
If you bought your home in 2006 for $400,000 and have watched the value decline to $200,000, you might be getting a new tax bill on that $400,000 home that is 2% higher than last year's.
If you disagree with the assessed value on your home, you ... more

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