A: Under Prop 13, property taxes can only be increased a MAXIMUM of 2% annually (until the property is transferred). In practice, this law is so critical because property values in California have historically increased by far more than 2% per year, which means this is a wonderful law designed to keep property taxes affordable for long-term homeowners. In next week’s #WednesdayWisdom, we will discuss what events can trigger a reassessment of property taxes and give you a critical tip to make sure it doesn’t inadvertently happen to you!
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