Proposition 13

Definition of "Proposition 13"
  1. 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
How to use "Proposition 13" in a sentence
  1. Real estate owners benefit from Proposition 13 as it restricts the amount by which their property taxes can be increased each year.
  2. Due to Proposition 13, a new homeowner would pay a property tax based on the recent assessed value of the home.
  3. Proposition 13 plays a significant role in controlling the escalation of property taxes in California.

Provide Feedback
Browse Our Legal Dictionary
# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z