6/23/2005

The Upside of Higher Prices

California property taxes are based on the current home selling price, starting at approximately 1.25 percent. The counties's collections have profited from the increase in prices, the low interest rates, and the current turnover rate. Property tax collections are up 9 percent in Los Angeles County, meaning an extra $223 million in revenue which will be used for more sheriff's deputies and hopital system improvements. Property taxes account for 70 percent of LA County's revenue. In a market downturn, property owners can request reassessment of their properties at the current market value--many owners did this in the 1990's recession to reduce their tax payments.

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