Published on Sunday, August 24, 2008
By DUANE W. GANG
Thousands of Inland property owners are getting tax breaks thanks to the slumping housing market.
But once the market rebounds -- however long that may actually take -- they may be in for a sticker shock.
Normally assessments increase no more than 2 percent each year thanks to Prop. 13, the landmark 1978 ballot measure limiting property tax growth.
A separate measure, known as Prop. 8, allows for a reduction in property taxes when the actual market value of a home drops below what a person is paying under Prop. 13.
The assessor's offices in Riverside and San Bernardino counties already have used Prop. 8 to reduce the assessments on almost 300,000 properties, accounting for a $22 billion drop in combined value.
But Prop. 8 is temporary and the clock keeps ticking on a homeowners annual Prop. 13 increases
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