Property taxes should be capped at 1% increases annually.
Proposition 13 provides three very important functions in property tax assessments in California. Under Prop 13, all real property has established base year values, a restricted rate of increase on assessments of no greater than 2% each year, and a limit on property taxes to 1% of the assessed value (plus additional voter-approved taxes).
A friend just inherited 1.5 acres that is assessed in 2 tracts. A 1/2 acre pond sits on .6 acre which is within the city limits of a small Texas town. The remaining .9 acre is in the county only and has a house on it. He got the assessment on the house last month which he thought was fair. He received the assessment on the pond yesterday which has him in a rage, it was $175,000.00. Because of a mail screw up which slowed down delivery the deadline to protest was last week.
There should be no property taxes period.