Hi Bob,
Most local and county governments have never quite recovered from the effects of Prop 13, as they and schools are where property taxes go (not the state general fund, as some think). If home and commercial inventories don't roll over, tax revenues are stagnant in an era of continuously rising costs. Our property tax rates are low nationally, but newer buyers in inflated markets (remember those?) pay a disproportionate burden:
"Five states (Alabama, Delaware, Hawaii, Louisiana and West Virginia) and the District of Columbia have lower effective property tax rates than California and 45 states have higher effective tax rates. Twenty-five states have effective rates between .5% and 1.0%, 12 states have effective rates between 1.0% and 1.5% and 7 states have tax rates that are equal to more than 1.5% of market value compared to California’s .477% rate."
My mother had to sell the family house in Seattle a few years after my father died because her tax assessment went up thousands annually back in the dot-com boom. (But hey, no state income tax!) I learned first-hand that some damping of property tax rate changes is a good thing. I just don't think it was executed properly here.
Cheers,
Rick