Q: I always hear about Prop 13. How exactly does it work?

 

 

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!

If you have any questions about this, please feel free to reach out to us (707-681-5851 or [email protected]) or set up a complimentary consultation at your convenience by clicking on the following link: https://MyNapaLawyer.as.me/