Pros and Cons of reduced property taxes
ByDon’t be caught unaware of an increased tax bill you weren’t expecting. While it is great to have your property taxes lowered because the value has diminished you need to be aware of what that means. It does mean your taxes will be less than originally expected but it also means your taxes can increase more than the levels as dictated under Proposition 13. In a nutshell it means that as long as the values are below your original purchase price if the assessor determines the value has gone up the taxes can go up to any amount determined to be the current assessed value until such time it reaches the Prop 13 original purchase level.
So, you need to make sure you are aware of this and if you receive a tax bill that is high you will understand why. Of course, you can always make a call to your local county assessor for an explanation.
In a nutshell, if possible it is wise to save the original property tax amount so you won’t be caught short.
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