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Proposition 13 Information
Adopted in June 1978 by the California
voters, Proposition 13 substantially changed the taxation of real
property. As a result of this Constitutional amendment:
The maximum amount of property tax cannot exceed 1% of the
property's assessed value, plus any bonds or fees approved by the voters.
Real property can only be
reappraised upon a change of ownership or new construction.
Business and personal property, including boats, airplanes, and
certain restricted properties are subject to annual appraisal.
The value determined at change of
ownership or new construction is increased each year by an
inflation index not to exceed 2% per year. This
inflation-adjusted value is called the "factored base year
Properties purchased before March 1,
1975 will have a base year value of the 1975 assessed value.