Intro to Real Estate Economics
Proposition 13 is a landmark piece of legislation passed in California in 1978 that significantly altered the property tax system by limiting property tax rates to 1% of assessed value and capping annual increases in assessed value at 2%. This measure was aimed at providing homeowners with financial relief and predictability in property taxes while also creating a more favorable climate for real estate investments. The implications of Proposition 13 have led to ongoing discussions about its impact on local government funding and housing affordability.
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