How
it Works
Frequently new homeowners will ask why they are paying
twice as much (or far more) in property taxes than their
neighbor. The answer is Proposition 13. Passed by the
voters in June, 1978, Proposition 13 is an amendment to
the California Constitution that limits the assessment
and taxation of property in California. It restricts both
the tax rate and the rate of increase allowed in assessing
real property as follows:
• The property
tax cannot exceed 1 % of a property's taxable value, plus
bonds approved by the voters, service fees, improvement
bonds, and special assessments.
• A property's
original base value is its 1975-76 market value. A new
base year value is established by reappraisal, whenever
there is a change in ownership or new construction. Except
for change in ownership or new construction, the increase
in the assessed value of a property is limited to no more
than 2% per year.
• Business Personal property,
boats, airplanes and certain restricted properties are
subject to annual reappraisal and assessment.
•
In the case of real property, the adjusted (factored)
base year value is the upper limit of value for property
tax purposes.
Historically, the market value of real property has increased
at a significantly greater rate than the assessed value,
which is limited to no more than 2% per year, unless there
is a change in ownership or new construction.
The result has been a widening disparity between the market
value and assessed value of property in Santa
Clara County. Long time property owners benefit from
lower assessments while new, and frequently younger property
owners, are adversely impacted by assessments that can
be as much as ten times greater than the owner(s) of a
similar property held for many years.
Between 1985 and 2001 the average assessed value in Santa
Clara County of single family homes has ranged from 42%
to 56% of the actual average market value.
For more information, or if you are not certain
about the information you are looking for, call the
Santa Clara County Assessor’s Office @ 408-299-5500
Contact
us for more info on Santa Clara County Proposition 13
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