Property taxes in California are under the laws of Proposition 13 or Proposition 8. Under prop 13, you pay taxes based on the original sales price of your home when you purchased it multiplied by the tax rate of the county where the home was purchased. In San Bernardino county, that would by 1.25% then incremental increases are assessed for each year you own the property.
However, in the current economy where homes have lost significant value from the purchased price, then prop 8 takes over and the taxes are assessed at a value lower than the purchased value based on local area home values. The prop 8 scenario was initiated many years ago when property values tanked in the 80's.
While prop 8 values are saving us money now, be aware that if values go up, so will your property assessment until it reaches your property value under prop 13 rules.
Another concern is if you have an impound account for your mortgage. Since property values have now been re-adjusted for more than a year on many properties, your impound account has collected payments based on the higher tax payment. It may be time to call your mortgage company and ask for a impound account audit. You may have money accruing in your impound account that belongs to you. Could you use a little extra found money this time of year?
For more info on your property taxes, click on the link
9 Things That Make Your Property Taxes Rise
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