The California Taxpayers Association notes that property owners in California would face a property tax increase of more than 7 percent this year if not for the cap set by Proposition 13. This is based on information released December 23 by the State Board of Equalization.
The letter from the BOE to local county assessors cites data from the Department of Industrial Relations which shows that the California Consumer Price Index increased 7.27 percent from October 2021 to October 2022.
Under Proposition 13, assessed values must be adjusted for inflation every year, but increases cannot exceed 2 percent.