I was in CA during the Prop 13 campaign. I got an education on property taxes I didn’t want but was forced to endure.
The same happens up and down the West Coast. In WA State, the property tax rate is also at 1% but my property taxes have tripled, how is that?
Tax assessed value.
One more thing, when rent control is imposed, rental property owners will find ZERO buyers if they put their properties up for sale. Real property values crash as a result but not tax-assessed values. Why is that?
Some posters here say a free market is the answer/ But that’s what someone on drugs thinks.
When a state government like California is paying fat checks to contract analysts to come up with ways to generate more tax revenues, any semblance of a free market is illusory as policymakers follow recommendations and hoard every tax dollar they can get their hands on.
CALPERS lost billions through risky investing back in the financial crisis mortgage meltdown catastrophe (and after as well) and then claimed they were not liable because the State must fund their pension programs regardless. There were ZERO consequences for their malfeasance and there were reports that certain CALPERS investment managers got very rich while losing billions for the fund. Prosecutors including Obama’s people refused to investigate or ordered any investigators in pursuit to stand down. The money lost by CALPERS came from business and property owners who in turn had to hike their prices and rents to compensate.
we don’t reassess unless you sell