Passed by the voters in June, 1978, Proposition 13 substantially changed the taxation of real property in California. As a result of this Constitutional amendment:
- The maximum amount of property tax cannot exceed 1% of the property's assessed value, plus any bonds or fees approved by the voters.
- Real property can only be reappraised upon a change of ownership or new construction. Business personal property, including boats and airplanes, and certain restricted properties are subject to annual appraisal.
- Except for these two instances, no increase in the assessed value of any real property can exceed 2% annually, regardless of the rate of inflation unless the Assessor has previously granted a temporary reduction due to market value decline.
Proposition 60 forms