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Old 05-18-2018, 01:03 AM
 
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Is there a list out there that has the tax cap percentage for all 50 states?
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Old 05-18-2018, 01:50 PM
 
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I don't know that there is an absolute cap in at least some states. I've never heard about a cap in VA. In Illinois, there was just a proposal to increase taxes 1% for 30 years to take care of pension deficits. In some areas, that would put annual property takes to 4-5% of valuation. So, I don't know how many states actually have a firm cap. I would think that a lot of the cap is more political. Increase property taxes too much, lose your job.
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Old 05-18-2018, 02:10 PM
 
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I know Texas is currently has 10% cap if you have homestead exemption. There is a proposed 2.5% cap

California has Prop 13 which capped at 3%.

Nevada has 3% cap.
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Old 05-18-2018, 04:03 PM
 
8,768 posts, read 10,407,307 times
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Quote:
Originally Posted by Nn2036 View Post
I know Texas is currently has 10% cap if you have homestead exemption. There is a proposed 2.5% cap

California has Prop 13 which capped at 3%.

Nevada has 3% cap.
You need to be a bit more specific when you say "Tax Cap" as caps come in many versions among states. Some caps set the maximum assessed value that can be use, others are maximum increases each year, other caps are maximum dollar amount that can be collected, and still others use some voodoo methodology to confuse citizens. So, is it the maximum tax you're asking about or the maximum increases each year, or.....?
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Old 05-18-2018, 04:56 PM
 
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The maximum increases of the assessed value each year
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Old 05-18-2018, 05:18 PM
 
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the Florida Constitution which was passed by voters in 1992, and went into effect in 1995. The amendment caps the increase of the assessed value of a home with a homestead exemption to the lesser of 3% or the rate of inflation https://en.wikipedia.org/wiki/Homest...ion_in_Florida
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Old 05-18-2018, 07:25 PM
 
Location: San Francisco Bay Area
4,189 posts, read 2,177,121 times
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Quote:
Originally Posted by Nn2036 View Post
I know Texas is currently has 10% cap if you have homestead exemption. There is a proposed 2.5% cap

California has Prop 13 which capped at 3%.

Nevada has 3% cap.
You are mistaken about California.

For California: "SECTION 1. (a) The maximum amount of any ad valorem tax on real property shall not exceed One percent (1%) of the full cash value of such property."*

For example, when a person buys a property, the tax assessed will be 1% of sales price.

Proposition 13 also restricted annual increases of assessed value of real property to an inflation factor, not to exceed 2% per year. It also prohibited reassessment of a new base year value except in cases of (a) change in ownership, or (b) completion of new construction.

You don't add the two together.

"* ARTICLE XIII A [TAX LIMITATION] [SECTION 1 - SEC. 7] ( Article 13A added June 6, 1978, by Prop. 13. Initiative measure. )"

In succeeding years it can increase by no more than 2%.

The full text of Article 13A, Section 1. (added June 6, 1978, by Prop. 13. Initiative measure ) follows, below:

http://leginfo.legislature.ca.gov/fa...ticle=XIII%20A

Last edited by SFBayBoomer; 05-18-2018 at 08:23 PM..
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Old 05-18-2018, 10:42 PM
 
Location: Saint John, IN
10,647 posts, read 3,339,653 times
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Quote:
Originally Posted by Mike From NIU View Post
I don't know that there is an absolute cap in at least some states. I've never heard about a cap in VA. In Illinois, there was just a proposal to increase taxes 1% for 30 years to take care of pension deficits. In some areas, that would put annual property takes to 4-5% of valuation. So, I don't know how many states actually have a firm cap. I would think that a lot of the cap is more political. Increase property taxes too much, lose your job.
Used to live in Illinois and left due to the taxes! We moved to Indiana where there is a property tax cap of 1% of assessed value. It is in the state constitution.
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Old 05-19-2018, 02:21 AM
 
Location: Phoenix-Valley of the Sun
2,462 posts, read 1,212,460 times
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Even though they're may be a cap, your state will figure out how to get money from you one way or another. California has prop 13 but they introduced the FABULOUS mello roos shortly thereafter.
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Old 05-19-2018, 02:56 AM
 
9,086 posts, read 5,425,616 times
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Quote:
Originally Posted by 49erfan916 View Post
Even though they're may be a cap, your state will figure out how to get money from you one way or another. California has prop 13 but they introduced the FABULOUS mello roos shortly thereafter.
Mello Roos has to be approved by the voters in 2/3 majority in order to pass on to you.

In most cases, you don't have to worry about it unless your house is relatively new.

.
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