- For the first time since 1983, taxable property values in California will drop, the California Board of Equalization said Monday.
The board, which is responsible for collecting taxes in California, projects a 0.237 percent drop in taxable property values by the end of the year. In all but five years during that period, base property values have risen by 2 percent, the maximum allowed under Proposition 13. In those other five years, values rose between 1 and 2 percent.Â
Property valued at $250,758 would see a base value drop of $956 and a $7 tax saving. In a year with the more common 2 percent increase, they would see a $55 increase in their taxes.
Homeowners whose property is assessed at more than it is worth may be able to get bigger reductions by applying to their local assessors for a revaluation under the California constitution.
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