As a homeowner, it is imperative to understand your property taxes.
Many homeowners do not pay attention to their taxes from one year to the next. with property values reaching their peak and the marketing shifting, it is wise to know how if your monthly payments are going to increase. tHIS ALLOWS YOU TO BE IN CONTROL OF YOUR FINANCES AND budget accordingly.
Before you read the letter below from the San Luis Obispo Country Assessor, take a moment to first read about Proposition 13 and 8 to understand how the Assessor’s Office determines your tax bill.
Proposition 13: Limits the property taxes to 1% of the value of the property plus the rate necessary to pay off voter-approved bond. This bill limits increases to no more than 2% per year unless there was a change in ownership or new construction.
Proposition 8: (Tax Relief) Property tax bill can be lower that the purchased value if the market is down. Many homes in SLO County were reassessed when the market was down so property taxes decreased.
A letter from the San Luis Obispo County Assessor:
If your property declined in value when the market was down, you may have received a tax relief.
Now that the market is back up, you may see a larger increase than 2%.
Below is a chart provided by the Country Assessor’s office. It shows an example property assessment with an increase of 15% per year as the market rises.
Note: The Keenan Carter Group is only relaying the information from SLO County Assessor’s Office. If you have any questions about your property taxes, we strongly encourage you to contact them directly at 805-781-5643 . You can also visit their website for more information.