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In reply to the discussion: Overturning of Prop. 13 sought in lawsuit (California) [View all]Gormy Cuss
(30,884 posts)because of all the local bonds and parcel taxes. So in terms of a mill rate it looks comparable.
What really saves owners money under Prop. 13 is that the valuation of the property for purposes of taxation can only increase by 2% per year unless there's an ownership change or there are major changes to the structure(s), like an addition or detached in-law unit.
Because of the 2% annual cap most of us who bought before the crash are still being assessed at considerably less than current market value. If however the current market value of the house drops below the assessor's value, an owner can petition for a temporary reduction in the assessed value and many owners have done so.
Prop. 13 was sold as a keep-grannies-in-their-homes protection but as is often the case with CA props, the biggest beneficiaries weren't the ones in the campaign ads.