Proposition 8, which allows homeowners to ask for a decrease in their property taxes when their house decreases in value, may wind up raising property taxes this year as house values are rebounding, Capital Public Radio reports.
Venus Stromberg with the California Board of Equalization (BOE) asserts that with the resurgent house market, property taxes could rise from 5% to 15%. This flies in the face of Proposition 13, which limits property tax values in California to increases of 2% each year.
Stromberg said of the effects of Proposition 8, “It would affect homeowners in any part of the state were you had a significant recovery in value and we’ve found that this year the assessed property values did tend to tick higher.” The good news for homeowners is that the increases cannot exceed the home’s Proposition 13 value.
Stromberg added that if homeowners don’t agree with the current assessment of their home they should contact their county assessor. If they are rejected, they can appeal the assessment to the BOE.