[ossiblue]

What is interesting about this thread, and what appears in nearly every response, are the words, "assessed value." It's not the percentage you pay that is such a variable but rather the assessed value the state (and local) governments assign to your property. The real question is, how is the assessment determined?

Prior to Prop 13, here in California, it was determined by bureaucrats who raised assessments when there was a need for more revenue--as determined by local and state legislatures. It was an obscure process that defied easy understanding by the general public.

One of the key elements that made the proposition so popular was that it required assessments to be a fixed percentage of an actual sales price, so you had two components that were public and open--the percentage (1%, officially but with some local additions could be a bit higher) and an actual dollar amount, the price of the sale. Further, assessments cannot increase more than 2% per year, barring improvements to the property or a resale. Now, everyone knows, up front, what property taxes will be on a given property and the governments will know the potential yearly revenue.

My interest in this thread is, how are assessments determined in the various states/locations of you guys? Is it controlled by the legislatures and local governments, or do you have statutory restrictions and concrete measures, such as here in California?