What is property tax law?

Property tax law is a set of laws in California that outlines how real estate property is taxed by the state. The law applies to all real property that is owned by a person or corporation. Property taxes are typically paid annually and are based on the assessed value of the property, which is determined by the California State Board of Equalization. The amount of the property tax can vary from county to county. Property tax law regulates how the tax is assessed, collected, and distributed. Assessors assess the value of the property and then taxes are calculated based on the assessed value. The county or municipality in which the property is located collects the tax and then distributes the money to other local entities, including schools, libraries, police, and fire departments. Property tax law provides exemptions, deductions, and credits that lower or exempt a property owner from paying the full amount of tax. Examples of these exemptions are certain homeowners, veterans, and properties used for agricultural or business purposes. Property tax law also outlines property assessment appeals, which allow property owners to contest their assessed value if they feel it is too high. In California, property tax law is primarily governed by Proposition 13, which was passed in 1978. This law sets a limit on how much a property can be taxed, and it requires two-thirds of the voters in the state to approve any changes to the law.

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What is property tax law?

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