Under the protection of Proposition 13, every homeowner in California has their property tax rate set at 1% of the initial market value, and any annual increase will be capped at 2%.
For example, an owner of a $420,000 home will pay an annual property tax of $4,200 Even if the property doubles in value next year, the homeowner’s tax would increase by only $84, or 2% of $4200
