Property Tax Assessments
As a general rule, real property in California is reappraised for tax assessment purposes when there is a change of ownership, new construction, or the market value declines below the previously assessed value. However, in the nonprofit world of real property, a reassessment may also occur due to a loss of a Church, Religious, or Welfare exemption. Although these exemptions are explained in another article, their affects can greatly impact your property tax assessment. Otherwise, the assessed value of the property will increase by no more than 2% per year. […]