What are the property tax laws in California?
An example of an AI chatbot conversation about California property tax laws.
What are the property tax laws in California?
In California, property taxes are governed by Proposition 13, which limits the tax rate to 1% of the assessed value.
How is the assessed value determined?
The assessed value is determined based on the purchase price of the property, plus a maximum increase of 2% per year.
Are there any exemptions available for property taxes?
Yes, California offers several exemptions, including the Homeowners' Exemption and the Disabled Veterans' Exemption.
What happens if I don't pay my property taxes?
If property taxes are not paid, the county can place a lien on the property and eventually sell it at a tax sale.
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