California Prop 13 and Irvine taxes

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OCLuvr

OCLuvr

Active member
I was looking at my tax bill; it seems that Y-o-Y increase in 2013 real estate taxes are more than 1% of the price of my home. So, is California prop 13 not valid in OC or am I missing something?
 
Prop 13 caps the YoY property tax increase at 2% not 1%.  Prop 13 caps the baseline of tax assessment at 1% of sale price.
 
Also it depends on when you purchased.  If the value dropped after you purchased, then the cap applies to your original purchase price + 2%/year.  This could cause your property tax bill to jump quite a bit when the housing prices rebounding after 2014.
 
OCLuvr said:
I was about to say that, but thought he might not have paid attention  :)
To be precise--PS1
eyephone said:
jmoney74 said:
which neighborhood are you in/.
Click to expand...

You couldn't tell by his responses in the environmental thread?  ;)
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LOL sorry I didn't really follow the thread.. other than YFs ramblings. 
 
No problem. Btw, talked to city; It seems that since there was no hike from 2010 to 2013, city hiked tax rate to 4% ,one time, in 2013.
Hope this helps who bought in 2010-2012.
 
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