California’s county tax assessors are reporting sharp increases in valuations that will generate billions of new dollars for local governments and schools, according to the California Taxpayers Association.
Cal-Tax compiled data from a cross-section of counties that completed their tax rolls by this week’s deadline, indicating that while increases seem to be the largest in the booming San Francisco Bay Area, even the state’s poorer inland counties are seeing hikes in taxable values.
Californians pay more than $50 billion in property taxes each year in accordance with Proposition 13, the 1978 ballot measure that caps taxes at 1 percent of assessed value, plus repayment of bonds. Taxable values cannot be increased by more than 2 percent a year, but are upgraded to sales prices when properties change hands. New construction is also added to the tax rolls when completed.View Article