Here is something you should know about Proposition 13 before sending in your ballot.
Proposition 13 was passed by California voters in 1978. The purpose of the proposition was to reduce property tax rates on homes, businesses and farms. Prior to the property tax reform, there were no caps and no limits on increases per year. According to California Tax Data the average rate was just under 3% of the market value.
Under Proposition 13 tax reform limits are set capping no more than 2% per year. If the property is sold the property is reassessed and new taxes are based on approximately 1-1.2% of the sales price and a cap of 2% yearly thereafter. This helps many homeowners plan for the future knowing what to expect on their tax bill. As for our parents or grandparents that purchased their home in 1976, Proposition 13 has helped many stay in their homes. The increases have not exceeded 2% per year of the value of their home of 1976. . Without this bill their taxes would be substantially higher and in many instances causing them to have no choice but to sell their homes.
Whether you purchased your home yesterday or in 1978 you are protected under Proposition 13. Your property taxes cannot increase more than 2% per year. If you sell your home the property is reassessed at the sales price. The rate will be between 1-1.2% of the reassessed value. If during your ownership the value of your property drops there is an appeal process in place to lower your taxes based on the lower value. This appeal is done through the county assessor's office.
If you would like to know more about Proposition 13 and how your property tax funds are allocated send us a message.
In taking every measure to help her clients successfully accomplish their personal real estate goals, Grace Caddell exhibits genuine care, dedication and professionalism. As a co-principal of Team Lyle and Grace, Grace together with her husband Lyle constantly orchestrate the most rewarding real estate experience possible. Known for her intimate knowledge of the Greater San Diego real estate market and valued counsel and expertise in the Acquisition and Marketing of Residential, Luxury and Investment Properties, Grace’s inspired passion and love for her clients is very present as she caringly ensures that each client receives a truly exceptional real estate experience.
Grace excels at providing insightful guidance and marketing strategies that produce results. When working with sellers, she creates a highlighted and impactful presentation that utilize professionally produced photography and refined staging services together with a presentation in print and on numerous internet sites. Her skill in staging each listing to make it shine with the appropriate colors, appointments and décor and stand out from the competition is impressive. In working with buyers, Grace carefully listens and takes the time to educate them on current market conditions as well as evaluate and prioritize their goals so that she may find a residence and distinguished setting that meets their lifestyle requirements. As a multilingual agent, she is fluent in English and Spanish.
Grace’s clients enjoy her personal touches and appreciate her genuine, deep commitment and heartfelt care and compassion that she clearly exhibits in every interaction. It is truly her joy to ultimately fulfill their request throughout the transaction and graciously serve them. She is a connector who cherishes the rich and personal interaction of bringing people and the community together.
With Grace, it’s just as much about building the relationships with her valued clients as it is delivering on the right property. Her clients truly appreciate her efforts on their behalf and value the friendship that continues well after the keys exchange hands. Expressing her gratitude and desire to give back, Grace allocates a percentage from each of her transactions and contributes to The EP Save A Life Foundation.
Contact Grace to serve you and your personal real estate interests.