Junell Realty Group

Real Estate and Homes for sale in Carson City, Reno & Sparks, NV

(775) 432-6300

  • Home
  • 55+ Senior Living
    • Senior Living [Home]
    • Where to Move?
    • Rightsizing Simplified
    • Types for Retirement Living Options
    • Local Retirement Communities
    • Why Turn To Us?
    • Testimonials from Seniors
    • Seminars for Seniors (Free)
    • Video Library / Past Seminar Recordings
    • Downsizing Made Easy
    • RESOURCES
  • Sellers
    • Selling Your Home
    • Getting Your Home Ready to Sell
    • Marketing Your Home
    • Your Homes Value
    • Seller Testimonials
    • Short Sale Help
    • For Sale By Owner
  • Buyers
    • Search for Homes
    • Download Our Mobile Home Search App
  • Free Seminars
    • Upcoming Seminars
    • Past Seminar Recordings
  • What Clients Say
  • About / Contact Us
    • Our Mission, Vision, Values, Beliefs & Perspective
    • About Us
    • Media
    • Contact Us
    • Office Directions
  • Careers
    • Client Care Coordinator
    • Showing Assistant
    • Buyer Specialist
You are here: Home / Blog / As Prices Rise, So Do Taxes

As Prices Rise, So Do Taxes

property tax with currencyAs the housing market improves, homeowners will see a downside of the recovery: an increase in our property taxes.

Many homeowners believe their property taxes are limited to increases of no more than 2 percent annually because of Proposition 13, the landmark voter initiative approved in 1978.

However, Proposition 8, a companion ballot measure that passed the same year, allows assessors to temporarily reduce property assessments when real estate values go down, however it also allows increases of greater than 2 percent when values go back up. The 2 percent limit set by Proposition 13 doesn’t apply until the property’s value reaches the level it would have hit if the real estate market never dropped.

While the increase in taxes is an unpleasant surprise to many homeowners who are very happily watching their property values rise, it is good news for Alameda and Contra Costa counties. Our counties will be helped financially by allowing them to collect more property taxes.

Hopefully our counties and the state can budget more wisely this time around and perhaps even put money into the “savings” account.

 

Filed Under: Blog Tagged With: Property Tax, property taxes, Proposition 13

Take our Mobile Search App with You

Downsizing Made Easy


5 Step Guide to Downsizing

Sponsored by Junell Realty Group

Copyright © 2020 · Junell Group · All Rights Reserved

Keller Williams Group One, NV · License #'s: BS.0144703 & BS.0144705

Return to top of page