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by jeffbee
2176 days ago
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I'm so glad you asked. In 1978 Californians passes Proposition 13, written for and sponsored by the Los Angeles Apartment Owners' Association, which says that property assessments may not increase by more than 2% per year or CPI, whichever is less. Property tax rates may not exceed 1% of assessed value. So the max theoretical assessment of a building bought for 1.05 million twenty years ago is 1.56 million. |
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