Pizzaman: The old 1% rule under Proposition 13 has been eroding for a long time due to voter-approved measures, such as bonded debt, that allows the government entities to push the real figure up. I always assume 1.15%, excluding Mello Roos when making projections. But wow, it looks like they’ve really blown the lid off in your example.
I think we will soon see some court challenges to county tax assessors that are too slow to lower assessments to get more in line with reality. Government officials have an incentive to pretend values are holding up.
