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I just bought a condo in CA. Will my condo tax always be the same or can It go up each year?

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February 23 2011 - East Village
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Due to California's Prop 13, the assessed value can increase based on the Consumer Price Index (CPI) by no more than 2% per year.  If a transfer of ownership takes place or improvements are made (there are exceptions), the property will be subject to a reassessment at the current market value.  The newly assessed value will then increase on a yearly basis not to exceed 2% per year.

For a more defined explanation of California's Constitution Article 13A, or more commonly know as Prop 13, please log onto California Constitution Article 13a  [Tax Limitation]. If you would like a broader resource, log onto California Revenue and Taxation Code.

You will also want to take into consideration of the possibility of Mello Roos and other special assessments that can adjust and the possibility of reduction of taxes when bonds (Mello Roos) expire or the property values decline (Prop 8).
 

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February 24 2011
I would be more concerned about your HOA Dues going up. If there are a lot of vacancies or deadbeat owners they may not be collecting dues from every condo. Unfortunately, that burden gets passed on to every owner.

Happy funding, Rudi
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February 28 2011
Property taxes can go up, but rarely do. In a down market when homes have lost value, owners can petition for a lower assessment. This year's informal Review of Assessment (Prop 8) can be filed with the County Assessor, until April 29, 2011. This is the first year you can file online too.

"Once reduced, the Assessor's Office must then annually review the value of the property until the Proposition 13 value is fully restored (adjusted with the annual CPI, not to exceed 2%). Consequently, a new request for review is not required if your property currently has a temporary reduction under this provision."

Mello Roos assessments are referred to as fixed assessments, and most are long term, 25 years or more. They're also not subject to Proposition 13 limitations, so those assessments can rise or lower - but don't count on it.
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February 28 2011
Property taxes in California can go up a maximum of 2% each year, every year, but rarely do. They can also be adjusted down, if you lose value in your property and can demonstrate a lower value to the County.
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February 23 2011
Hello,

Unless there is a tax increase moratorium in place in your City/County, it can go up each year. Although, it probably should go down in this market.
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February 23 2011
 
Related Questions
I just bought a condo in CA. Will my condo tax always be the same or can It go up each year?
Profile picture for Rudi Hofmann
Latest answer by Rudi Hofmann
February 28 2011 | 5 answers
  • Asked by pmendels
  • In Taxes
  • February 23 2011
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