Proposition 13
- A California constitutional amendment enacted in 1978 that caps property taxes at 1% of a home's assessed value and prevents them from increasing more than 2% annually unless the property is sold
- Real estate owners benefit from Proposition 13 as it restricts the amount by which their property taxes can be increased each year.
- Due to Proposition 13, a new homeowner would pay a property tax based on the recent assessed value of the home.
- Proposition 13 plays a significant role in controlling the escalation of property taxes in California.
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