“According to Zillow, the property was last assessed for around $1.35 million. Property taxes for the home are $31,636 this year.”
Glad we don’t live in New Jersey! Here is Socialist California, thanks to Proposition 13, which was enacted when we were a Conservative State, our home of 35 years, which is worth considerably more than $1.35 million has an annual property tax bill of just about $7,000.
“...is worth considerably more than $1.35 million has an annual property tax bill of just about $7,000.”
Please excuse me while I puke.
We pay a little over 7k, Zillow calls it at 300k.
Well, at least I do not live in nearby Wheaton, with a welcome to Wheaton tax; $2.50 per $1000.
Welcome to Illinois.
Under Prop 13, don’t those property taxes adjust when the home is sold? As I understood it (and I could certainly be wrong), if I bought that home in California that had taxes of $7,000 under the previous owner, I could then be paying $31,000 as the new owner. Isn’t that the case?
We have a similar law now in NJ, where property taxes can’t increase more than 2% per year, but it can be skirted if voters pass additional projects.