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California Property Taxes Could Skyrocket

Creative Commons
 

Creative Commons

Proposition 13 regulates property tax values in California by limiting increases to 2 percent annually. But homeowners could see larger increases this year thanks to another, lesser-known proposition.

Proposition 8 allows homeowners to seek temporary reductions in their property tax bills when their house values decline. Many people took advantage of that during the recession. Venus Stromberg with the California Board of Equalization says now that values are rebounding, homeowners could see their property taxes jump five-to-15 percent.

“It would affect homeowners in any part of the state were you had a significant recovery in value and we’ve found that this year the assessed property values did tend to tick higher," she says.

The increases cannot exceed the home’s Proposition 13 value. Stromberg says homeowners who disagree with their current assessment can contact their county assessor. If an agreement cannot be reached homeowners can appeal the assessment to the BOE.