How property taxes are assessed

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theBigD_IHB

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Thank you for your help on my previous question.



My question now is on taxes. For example, say you have a 600,000 home. Your tax rate is 1.3%. 30 years from now, your homes value is 1 million, for example. How is the tax assessed? I know in some states, they reassess every year. How does it work in CA or specifically, in OC? was told the value is reassessed, but not much. How is this calculated? Thanks!
 
[quote author="theBigD" date=1215950408]Thank you for your help on my previous question.



My question now is on taxes. For example, say you have a 600,000 home. Your tax rate is 1.3%. 30 years from now, your homes value is 1 million, for example. How is the tax assessed? I know in some states, they reassess every year. How does it work in CA or specifically, in OC? was told the value is reassessed, but not much. How is this calculated? Thanks!</blockquote>


<a href="http://www.ocalmanac.com/Government/g103a.htm">Webster J. Guillory</a> is the county assessor.



The assessor's site can answer any of your questions, and most likely <a href="http://www.ocgov.com/assessor/realestate.asp">this page</a> will give you everything you need to know for the question above.



If not, type in "prop 13" in the search frame and you'll get good info as well. Good luck. -IR2
 
in CA the value goes up by 2% each year. do the math were it will be in 30 years. if the value goes down you can have it re-assest every year. but again the value will never go up more than 2% per year. at least for now here in CA
 
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