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Tuesday, May 6, 2014

Capitol Alert: As California property values rise, owners see big tax bill hikes

The revival of California's economy and a rising housing market mean some hefty property tax increases for homeowners, the Legislature's budget analyst believes.
When property values were dropping sharply during recession, county tax assessors adjusted tax rolls downward, which then lowered property tax bills. Many property owners also applied for reductions.
The average homeowner saw a $1,600 property tax cut while those for commercial property averaged $7,500. "In total, temporary property tax reductions depressed local government property tax revenues by an estimated $7 billion in 2013-14, amounting to a 15 percent reduction statewide," theLegislative Analyst's Office (LAO) says in anew report.
But with a rising market, the LAO says those cuts are being rescinded, as state law allows, and some property owners may see tax increases as high as 20 percent. It notes that home values rose statewide by 12 percent in 2012, but those increases were not immediately reflected in property tax bills.

with thanks : fresnobee : LINK : for detailed news.




Read more here: http://www.fresnobee.com/2014/05/05/3910901/capitol-alert-as-california-property.html#storylink=cpy

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