The news seldom paints a positive picture, but it is always good to get the entire story on the matter. There is another side to every story, but these three recent stories conjured up negative feelings in me that were difficult to counteract.
Elimination of Proposition 13
The 1978 property tax cut proposition has had tremendous staying power, but that could change in November 2020.
Currently, property tax in California is one percent on the purchase price plus an annual increase of no more than two percent. The savings have had a positive effect for many homeowners, businesses, and investors.
Under the proposed initiative county assessors would split the tax rolls separating residential and commercial real estate. Residential real estate would still fall under Proposition 13 protection while commercial real estate with a few exceptions would keep the same tax rate, but would be reassessed every three years to market value.Read More