Posted By: fiber artist @ 08/21/2008 8:37:49 PM
Comment: I used to live in Santa Barbara - due to Prop 13, you only pay 1% of the value of when you purchased your home or what it was appraised at when the law went into effect. The law was intended to keep older folks in their homes by not making their taxes super high just because their property values went sky high. Our taxes were only $400 year as of 1993 when our home sold for $250K, but that's because it was based on a 1980's value. The new owners would have to pay $2300 year and if it sold tday at about $800K, the taxes would be $8000.


Loading Menu