Makes me grateful for Prop 13 in California (one of the few things positive in this state). It restricts property taxes increases to no more than 2% per year from its starting point (ours is increasing 0.9% this coming tax period).
Those seniors who have been in their houses for at least a couple of decades see far lower property tax bills than those who purchased in the same neighborhood in recent years.
While property tax in California starts out at around 1% of the purchase price, compared to almost 7% of property value in Illnois, the cost of housing in most of California is ridiculously overpriced. That results in some fairly large property tax bills.
Having said that, the DEMs have been fighting like mad to try and repeal Prop 13. They may yet succeed, but even the rich liberals don't want to see the outcome from that happenning.
and prop 48 I believe.
With the reality, sadly, that California is now a one-party state, we can expect the Dems to move on Prop 13 via legislative action in the coming years. I am surprised they have not already done so.
There used to be a thing such as homestead exemption that kept you from being taxed out of you homestead. Now you are just another sad story.
Texas property tax can go up 10% each year. Mine has each and every year. When we moved in, taxes were 2 weeks of take home income. It's now taking 3 months and 10 days of our take home pay.
3 months and 10 days.
People can't live like that.