Proposition 13 (1978) – Keeping Property Taxes Stable
Proposition 13 is a California law passed in 1978 to stop property taxes from skyrocketing and forcing people, especially seniors on fixed incomes, out of their homes. It drastically limits how much property taxes can go up each year. Proposition 13 basically caps the general property tax rate at around 1% of a home’s value and allows the taxable value of a home to increase by at most 2% per year. In other words, if you bought your house a long time ago, your annual tax stays relatively low and predictable even as the market value of your home rises. Thanks to Proposition 13’s protections, many older Californians can afford to stay in their homes without worrying about huge jumps in their property tax bills.
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