The first bill, covering the period from July 1 to December 31, is typically due on November 1 and becomes delinquent after December 10. This value becomes the baseline for taxation, and Proposition 13 limits the annual increase of this assessed value to a maximum of 2 percent per year, as long as the ownership remains unchanged.
How Long-Term Homeowners Can Maintain Tax Stability
These staggered payments are tied to the fiscal calendar used by most local governments and are designed to spread the revenue stream throughout the year, although the amounts can vary significantly between the two periods based on the timing of the fiscal year. There are, however, specific exclusions available that can mitigate this increase.
Component Description Typical Rate or Cap General Tax Levy Funds basic local government services 1% of assessed value Voter-Approved Indebtedness Repays bonds for infrastructure and schools Varies by district Direct Assessments For specific local improvements (e. Understanding this system requires looking at how assessed value is determined, how tax rates are applied, and what exemptions or circumstances might alter the bill you receive from your county treasurer.
How Long-Term Homeowners Can Maintain Tax Stability Under Proposition 13
Additionally, homeowners who are 55 years of age or older, disabled, or victims of natural disasters may be eligible for the Homeowners' Exclusion, which allows them to transfer their low base year value to a replacement home within the same county. The total property tax bill is derived from a combination of different levies, with the base rate for Proposition 13 taxable value locked at 1 percent.
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