Property Tax Reduction (CA Prop 13)
What is a Prop 13?
Prop 13, or Proposition 13, is a California law passed in 1978 that limits the property tax rate. It caps the annual increase in assessed value of real property at the inflation factor, not exceeding 2% per year. This means that the property tax is based on the purchase price, and the assessed value can only increase by a small percentage each year, regardless of how much the market value of the property increases.
When do I Qualify for a Prop 13 Tax Reduction?
John Smith, a successful entrepreneur, owned a valuable piece of real estate that had appreciated significantly over the years. Upon his passing, the property was to be inherited by his daughter, Emily.
Who Qualifies For Property Tax Reduction?
New Homeowners: Property tax assessment at purchase price with limited annual increases.
Family Transfers: Potential retention of existing assessed value in parent-child transfers.
Senior Citizens & Disabled Homeowners: Transfer of assessed value to a new residence under specific conditions.
Disaster Relief: Temporary or permanent reduction in assessed value for damaged properties.
Disabled Veterans: Additional exemptions for qualifying veterans.
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