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California Property Tax |
California Property Tax serves as a primary source of revenue for California's counties, schools, cities and special districts. As a result, property tax assessment is performed at local level by the county assessors who are properly guided by the manuals prepared by the California State Board of Equalization in this regard. The Assessors' handbook of BOE contains information regarding the principles of property assessment and real estate appraisal for CA Property Tax purposes. The handbook also contains interpretation of California Property Tax Laws and Rules.
California Property Taxes were the major sources of revenue for the state before the year 1912. However, since 1933 the share of property taxes in the state's revenue has significantly been reduced. Today, it is rather the counties and other political subdivisions of the state that depend on the revenue generated by the realization of CA Real Estate Taxes. The principal revenue sources of the state are now personal income taxes, bank and corporation taxes, sales and use taxes and several kinds of excise taxes. These taxes are administered by the State Board of Equalization and the Franchise Tax Board.
Before the approval of Proposition 13 in 1978, the real property was used to be appraised on a regular basis. There was no more than a five-year gap between CA Property Tax Reassessment. As a result, the assessed value of a real property was found to be near its existing market value at all time. |
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On the contrary, the California Property Tax Proposition 13 was a property tax limitation initiative and was supposed to limit annual increases in the assessed value of Ca real property. The general increase in the assessed value was proposed to be no more than 2 percent, except the case when the new owner of a real property initiate a new construction. In short, the market value-based property tax system has been converted into an acquisition value-based system by the California Property Tax Prop 13.
For more information on California Property Tax Laws, Rates, Estimate, Due Date, Records etc, you may like to visit the official website of the California State Board of Equalization.
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