Huge Property Tax Increase

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woodburyowner

Well-known member
Just got my property tax bill and it showed a 25% jump from last year.  I guess everyone who bought during 04-07 will be seeing a similar increase.  Seems like the County of Orange is going to get a huge windfall of income this year.  Hopefully it doesn't get squandered away!
 
kiki said:
Isn't there a 2% cap for the property tax increase of the same house?
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Unless you received a reduction. For example if last year u received a reduction of 10%. The next year they can recover the 10% reduction, plus last years 2% increase that you didn't get because if the reduction and then the current year 2% increase.
 
qwerty said:
kiki said:
Isn't there a 2% cap for the property tax increase of the same house?
Click to expand...

Unless you received a reduction. For example if last year u received a reduction of 10%. The next year they can recover the 10% reduction, plus last years 2% increase that you didn't get because if the reduction and then the current year 2% increase.
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Holy cow!  Does the city think we sleep on a bed of money?  I can't imagine being retired with a fixed income living in Irvine.
 
ZeroLot said:
qwerty said:
kiki said:
Isn't there a 2% cap for the property tax increase of the same house?
Click to expand...

Unless you received a reduction. For example if last year u received a reduction of 10%. The next year they can recover the 10% reduction, plus last years 2% increase that you didn't get because if the reduction and then the current year 2% increase.
Click to expand...

Holy cow!  Does the city think we sleep on a bed of money?  I can't imagine being retired with a fixed income living in Irvine.
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Tax slaves don't get to retire.
 
I just got my "Property Value Notice".  Percentage change from last year is 0.454%.  Nice to be actually in a house that benefits from Prop 13.
 
ps9 said:
I just got my "Property Value Notice".  Percentage change from last year is 0.454%.  Nice to be actually in a house that benefits from Prop 13.
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Mine's around that as well. I'm honestly surprised it didn't go up the full 2%.
 
To the OP:

What year was that house built? I don't recall any home getting a 25% tax bill jump but I don't work for the assessor.

Actually... why would it matter what year it was built?

If a home in Irvine built in 05 had a valuation jump of 25% this last year, why wouldn't a home in Irvine built in 96 or 10?
 
I got a 12% bump from last year.  I've been getting the yellow notices for years, and last year was the first time I can remember getting a blue notice.  They took it all back this year with another yellow notice.

I did not realize they can recover their reduction, I thought the cap was 2% from the previous year.  Now I know...
 
ps9 said:
I just got my "Property Value Notice".  Percentage change from last year is 0.454%.  Nice to be actually in a house that benefits from Prop 13.
Click to expand...

Got the same percent increase as well.

I had assumed the taxes on my house would always go up 2% since the assessed value it's based on is more than a million less than what it would sell for but it looks like it's capped at 2% and the only way it gets to that is if the CPI is 2% which imo is a stupid thing to base it on since obviously houses don't follow that inflation rate and the CPI imo is under estimating real inflation that we pay.

All the more reason to hang onto my house.

Now if inflation spirals out of control, I don't suppose there is a way for the government to come in capture the years in which I didn't get dinged for a 2% increase is there?
 
Ready2Downsize said:
ps9 said:
I just got my "Property Value Notice".  Percentage change from last year is 0.454%.  Nice to be actually in a house that benefits from Prop 13.
Click to expand...

Got the same percent increase as well.

I had assumed the taxes on my house would always go up 2% since the assessed value it's based on is more than a million less than what it would sell for but it looks like it's capped at 2% and the only way it gets to that is if the CPI is 2% which imo is a stupid thing to base it on since obviously houses don't follow that inflation rate and the CPI imo is under estimating real inflation that we pay.

All the more reason to hang onto my house.

Now if inflation spirals out of control, I don't suppose there is a way for the government to come in capture the years in which I didn't get dinged for a 2% increase is there?
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I don't believe so.
 
I bought my condo in 2006 and the value got hammered the last few years due to short sales and foreclosures.  My last few tax bills were about 25% less than what the peak valuation was in 2007.  I guess it was inevitable that I get a huge "catch-up" valuation, but was hopefully for more of a gradual increase.
 
Ready2Downsize said:
since the assessed value it's based on is more than a million less than what it would sell for
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I'm gonna hit you with bone's "humble brag" for that statement :)
 
My increase is about the same as well (modest).  I noticed last year's bill dollar increase was higher but a bigger bond fell off so the total bill was lower, so I didn't notice it.  I hope they don't tack back the bonds later when they feel like it.  :'(


paperboyNC said:
ps9 said:
I just got my "Property Value Notice".  Percentage change from last year is 0.454%.  Nice to be actually in a house that benefits from Prop 13.
Click to expand...

Mine's around that as well. I'm honestly surprised it didn't go up the full 2%.
Click to expand...
 
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