SLO County homeowners facing property tax hikes
July 2, 2013
Property taxes for about 24,000 San Luis Obispo County homeowners could increase more than 2 percent next year, according to County Assessor Tom Bordonaro. [Tribune]
Proposition 13, which California voters passed in 1978, limits yearly property tax increases to 2 percent under most circumstances. But, Bordonaro says many homeowners will face increases next year of more than 2 percent because the market value of their properties has dipped below the market value at the time they purchased the homes.
A subsequent 8 percent increase in San Luis Obispo County home values occurred last year, so Bordonaro anticipates many property tax assessments to increase by more than 2 percent next year.
“My message to everybody is if you have been reaping the benefits of this decline-in-value assessment, you could be seeing your taxes increase more than 2 percent,” Bordonaro said.
The actual percentage increases will depend on the assessments of individual properties.
“I don’t think most homeowners will see any more than an 8 percent increase,” Bordonaro said.
But, Bordonaro said homeowners could face increases of more than 8 percent.
The 24,000 properties which may receive assessments increases of more than 2 percent account for almost a third of the 85,000 single-family properties in the county that are on 10 acres or less.