Homeowners may see a rise in property taxes
FRESNO, Calif. (KFSN) -- California homeowners may be paying more in property taxes now that the housing market is rebounding.
Merced County was hit hardest when the housing bubble burst -- dropping home values by double digits while also lowering property taxes. Now that the market is recovering, taxes may go up well above the 2 percent max allowed through Proposition 13, a 1978 voter-approved initiative. That's because Proposition 8 -- passed that same year -- allows taxes to increase more than 2 percent if the assessed value of a home decreased during a housing bust.
"Prop 8 kicks in when you have a market much as we've had throughout the state where the value is plummeted. We have people who were in homes and had Prop 13 values [that] were in excess of the market value," said Merced County assistant assessor, Barbara Levey.
Housing experts say while some homeowners may see a slight increase in taxes, this will only increase the value of their home.
taxes, state, carlos saucedo
- Officer-involved shooting in Tulare County 15 min ago
- 'Sextortion' suspect set for freedom
- Search widens for missing Malaysian passenger jet 43 min ago
- Trash dispute apparently led to fatal shooting
- Madera Co. shooting tied to drugs, investigators say
- Homeowners asked to prepare for busy fire season
- Clovis man gets prison time in laser-pointer case 57 min ago
- Los Angeles police arrest man in severed head case
- Russia warns Ukraine over 'lawlessness' in east
- Amber Alert canceled: Long Beach boy found safe
- Marketplace at El Paseo holds grand opening
- PlayStation 4's faulty parental controls
- Hip surgery complication: Uneven limbs
- Photos: Pictures from Malaysia Airlines incident