The only law protecting seniors and other property owner dollars against inflation and real estate is Proposition 13. The most your real estate taxes can be raised is 2% a year under Prop 13.
According to a press release from Gus Kramer’s office, several assessors across California including Contra Costa County are working on getting the homeowners exemption increased from $7000 a year to $100,000 a year minimum. This would give every homeowner an almost $1000 a year reduction in their property taxes.
Prior to Prop 13 being passed in 1978 the homeowners’ exemption was 25% of your assessed value. That also is an alternative to the $100,000 home exemption being proposed.
Stay tuned for a proposition that addresses this on the November 2022 ballot.
