Property Tax Bills May Go Down

Good news for California homeowners: there is a good chance your property tax bill will decrease this year.

Proposition 13, which puts a cap on the maximum amount property tax bills can be raised, is to thank; it prohibits property taxes from rising more than 2% annually. This number is based on the Consumer Price Index, which documents increases in the overall cost of living (thus the increase is not based on home value exclusively).

Notices regarding changes in value are usually sent out mid-July, so look for those to see if there is a new, lower valuation on your property. If you still feel your property value is lower you can apply with the county Assessor’s office for a request for review of valuation.

The total assessed home value in San Diego has declined by approximately 1.56%. Make sure to check your home value and see if you will get a slight break this year on property taxes.