What are the local and state laws surrounding property taxes?

Property taxes are taxes paid by property owners to their local government or state government. In California, both the local government and state government have laws surrounding the taxation of property. At the local level, counties and cities are responsible for collecting and distributing property taxes. The county assesses the value of the property, and the city council sets the tax rate, which is used to determine the amount of property tax the owner must pay. Both the county and city must follow the state constitution, which allows local governments to levy taxes on real property, but prohibits them from levying taxes on intangible property such as stocks and bonds. At the state level, the California Constitution sets the overall framework for taxation of property. It allows local governments to use a variety of methods for calculating property taxes, and it also sets limits on how much of a property’s value can be taxed each year. The state also determines how long the property tax is applied for and how it is redistributed through tax credits, exemptions and other programs. The State Legislature can also set additional restrictions on taxation of property. For example, it can limit the amount of property tax increases allowed from year to year and allow for a variety of exemptions, such as those for elderly and disabled individuals. Additionally, the Legislature can decide what types of taxes are applicable for each type of property. In California, property taxes are used to fund schools, libraries, and other public services, and are a major source of revenue for the state and local governments. It is important to note that while property taxes are important revenue sources, they can create financial hardship for some homeowners and business owners. Therefore, both local and state governments must ensure that they are responsible when it comes to taxation of property.

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What are the local and state laws surrounding property taxes?

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