LOL @ "homeowners" The law also applies to commercial property. That vacant lot grandpa bought in Santa Clarita back in 1952? You know, the one you just put an office park on? Yeah.
https://www.evolve-ca.org/prop-13-facts/No. Most voters are unaware of this, but Prop. 13 applies to commercial property as well. This aspect of the law has led to significant unintended consequences. For example, Chevron alone is saving over $100 million a year by benefiting from Prop. 13's protections. Because homeowners move on average every ten years, and commercial property rarely, if ever, changes hands, the tax burden in California has shifted decisively onto residential property owners. Before Prop.13, residential accounted for 55% of the property tax and commercial paid 45%. Now residential shoulders 72% of the tax burden while commercial only pays 28%.
