Property Tax Basics
Is established as of the 1975 lien date, or for a completed new construction, or a change in ownership.
Base year value.
Considered taxable by the State of California.
The quality of "wantedness" or desire.
Utility
The ad valorem tax rate.
1%
The combination of land and buildings.
Appraisal unit.
The basic tax rate.
The possession of, claim to, ownership of, or right to the possession of land; mines, minerals, quarries, standing timber, and pertinent rights and privileges; buildings, structures, fixtures, ect.
Real Property.
A relationship between desire and demand for a good.
Scarcity
The price paid for a property that did not sell quickly in a "sellers market" should be examined to see if it is representative of __________.
Market value.
This is better described as a range, rather than a precise point.
Value (in the real estate market)
The lien date.
January 1st.
All property except real estate.
Personal property.
The present worth of future benefits.
Value.
A sales price is suspect.
When prices paid for similar properties differ significantly.
These concepts should not be confused.
Value, price, and cost.
This law does not allow yearly inflationary adjustments to exceed 2%.
Private interest in publicly owned land.
Possessory interests.
Reappraisals occur, with certain exceptions, for these three reasons.
Purchased, newly constructed, or change in ownership.
Utility, scarcity, capacity for private ownership and demand.
The Four prerequisites to value.
Prop 8 adjustment.
When the current market value of a property is below the adjusted base year value.
Property not affected by Prop 13.
Personal property and those properties assessed by the BOE.
Should be assessed separately.
Land and improvements.
The worth of a property based on future benefits anticipated by it's owner.
Value-in-use.