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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: i-node who wrote (848577)	4/8/2015 6:53:07 PM
From: PKRBKR	1 Recommendation Recommended By i-node Respond to of 1575765

I don't know how it is done in CA It's all based on purchase price and is essentially 1% of the purchased value although the initial assessment is typically 10% or so less. The assessed value may be increased no more than 2% per year regardless of increase in value. My local school district was lucky enough to pass a measure about 12 years ago adding another 0.1% plus there are a few other lesser add ons that make the total somewhere around 1.2% and I suppose it varies a little by locality. Once the property is sold the assessed value is increased for the buyer and so on. My in-laws are still paying less than $1000 a year on a place worth between $800k and $1000k as they bought way back in the 60's. I think this is the best benefit of Prop 13 and the state is raking in way more money per capita than prior to Prop 13 adjusted for inflation.