is based on the purchase price of the property.
How California Property Tax Works:
- In California, the assessed value of a property is generally equal to its purchase price.
- After the initial purchase, the property assessment can increase annually, but this increase is limited to no more than 2% per year.
Other States:
- While all 50 states and the District of Columbia have property taxes, the tax is mainly levied by local governments (cities, counties, and school districts), not state governments.
- Property taxes in other states are typically based on a periodic assessment of the property's market value, often using methods like the sales comparison model (based on similar sales data).
