What is the property tax rate?

The property tax rate in California is based on the tax rate set by county and municipal governments. The overall rate is typically around 1-1.25% of the full cash value of the property. This rate can vary from county to county and year to year so it’s important to check with your county assessor’s office for the most up-to-date rate. The property tax rate is usually split between the counties and the municipalities. Generally, the county levies a rate of 0.75%, while the municipal rate is around 0.25%. This is then multiplied by the full cash value of the property to calculate the property tax for each year. California also assesses a separate tax levied by school districts, which is added to the overall rate. In addition to the base tax rate, additional charges and fees may be included. These include items such as Mello-Roos assessments, which are special taxes levied by local governments to finance major public works projects. Property tax rates can change due to Proposition 13, which was passed in 1978. Prop 13 caps the amount of taxes that can be assessed on a property, and is based on an annual inflationary increase of 2%. It also limits the ability of local governments to increase taxes. Finally, counties may have different exemptions available. These usually include exemptions for senior citizens, veterans, and low-income households. Each county has different qualifications for these exemptions, so it’s important to check with your local county assessor’s office for more information.

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