tax

HOW PROPERTY TAXES IN CALIFORNIA WORK

HOW PROPERTY TAXES IN CALIFORNIA WORK

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The property tax is the oldest major revenue source for state and local governments. At the start of the 20th century, property taxes represented 8 percent of state and local tax income. While this proportion has decreased over time as states have implemented income and sales taxes, the property tax remains an important mechanism for funding education and other local facilities. In addition to state income taxes, a person who owns real estate is subject to state real estate taxes.

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HOW TO DO SUPPLEMENTAL PROPERTY TAXES

HOW TO DO SUPPLEMENTAL PROPERTY TAXES

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California State law was changed on July 1, 1983, to require property revision of the 1st day of the month following an ownership change or the end of a lease of the latest construction.
What is meant by new construction is any significant addition to real estate (e.g., adding a new pool, room, or garage) or any substantial change which reestablish a building, room, or another enhancement to the equivalent of the most recent (e.g., completely renovating an outdated kitchen).

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