In MA property taxes cannot rise more than 2 1/2 percent.
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>>>In MA property taxes cannot rise more than 2 1/2 percent<<<
In CA it’s 2%, but that has nothing to do with a new Property Assessment when the House changes hands.
We sold our House in CA for $795,000. Our Property Tax Bill thanks to Prop 13 was around $3,600 a year.
We bought the House back in 1991 for $242,000 and the Property Taxes back then were about $2,600. The overall Tax Rate is 1.25%, 1% limited by Prop 13 and the additional .25% is Bonded Indebtedness since CA Voters never met a Bond Measure they didn’t love.
The Buyers of our House are now paying about $10,000 a Year in Property Taxes based on the new Assessment. Any increases to their Property Tax Bill will be limited to 2% a Year.
Over a year’s time or what? In my book, that’s still too much. Property owners are being ripped off to pay for the rotten government school systems.