Real Property Tax Assessments

I had this question asked of me recently by a dear friend of mine, and I know that it comes up quite often, so I decided to check my resources and tell you about the facts.

Per Los Angeles County Assessor's office, Prop 13 sets rules on certain factors affecting taxes.
In 1978, California voters passed Proposition 13, which substantially reduced property tax rates. As a result, the maximum levy cannot exceed 1% of a property's assessed value, not including bonded indebtedness and direct assessment taxes. Also, increases in assessed value are limited to 2% annually. Additionaly, only four events can cause a reappraisal:
1. A change in ownership;
2. Completed new construction;
3. New construction partially completed on the lien date (January 1); or
4. A decline-in-value.

With this said, if your taxes have been raised due to a refinance or by any other cause not listed above, you may have a good reason to request for your taxes to be re-adjusted.
Learn more about taxes by clicking here: http://assessor.lacounty.gov/extranet/guides/realprop.aspx
Hope this helps!

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