What is Proposition 13 and why does it matter?

Proposition 13, passed in 1978, set your assessed value at your purchase price and capped annual increases at two percent — so longtime owners often pay taxes far below today's market values. The longer you hold, the bigger the advantage. It also shapes decisions about selling, buying up, or passing property to family. Stone Real Estate Group has navigated these rules with clients since 1987. Call 858-481-7653.