Refinanced on a HARP loan, the actual sq ft of the house was greater than what was on record. without notice it was reassessed.
California Proposition 8 (November 1978) allowed for a reassessment of real property values in a declining market. when shit went south in 08 got one of those, and as soon as the market recovered, It was reassessed again. last year I paid $6,200 in property tax, over and above state income tax, local sales tax, on and fucking on.
It's not like I talk to a lot of people about property tax reassessment, but I don't know anyone whose property tax has been reassessed. Case in point, if I look up the property I rent on, and the property the same owner owns next door, each property is worth about $1M and both are currently being taxed on an assessment of under $100k, since the family has owned them since the dawn of time.
"In the event California real property increases in value, Proposition 13 limits the annualincrease in assessed values to a maximum 2% annual inflation factor, except in the event of a “change in ownership” or a “new construction.” When a change in ownership occurs, the property can be reassessed to reflect current market value."
Lottery and Prop 13 were supposed to fund schools. Had these fucked up propositions been impenetrable to redirecting funds elsewhere, our students and teachers would be getting what they were promised and deserve. Prop 13 FAILED PERIOD.
John, not sure why your property has never been reassessed, but I'll tell the CFTB to look into it though if you like.