According to San Diego County Tax records, Just 8 percent of San Diego County homeowners have owned their residences since 1978, the year Prop. 13 changed how property tax bills in the State of California are calculated.
These lucky home owners are saving a TON of money on their anual Property tax bills, because they are based on appraised values far below today’s San Diego County Values. Current San Diego County home values in May of 2006 were averaging $510,000.
There is a huge gap between today’s high prices and the tax-limiting Prop. 13 appraisal valuations. The possibility of a huge tax increase has discouraged many longtime owners who might consider selling. Imagine you bought a home 15 years ago for $120,000, your taxes on that home would be less then $1,500 per year. Just imagine having one of your monthly bills increase 500 to 600%! That median home price of $510,000 would increase your property tax bill to over $6,300 per year!
The good news is, there is a little known exception, to Prop. 13- Prop 60/90… (more…)
