Right now, Prop. 13 limits property tax on any sort of real estate to 1 percent of the 1975 assessed value or 1 percent of the most recent purchase price if the property has changed hands. This levy can subsequently increase by no more than 2 percent each year.

It’s easy to gloss over the words “change hands” in that description, as it seems obvious that changing hands means a shift in who controls a property.

Read More: https://smmirror.com/2021/11/sacto-dems-dump-prop-13-reforms/