What is Secured taxes?
“Secured” property is any real property that can’t be moved like homes or land.
Proposition 13 limits the tax rate to 1% of a property’s current assessed value, plus any voter-approved bonds and direct assessments. The proposition also requires that property values can’t increase more than 2% annually, based on the California Consumer Price Index. However, property is reassessed whenever it changes owners or undergoes new construction.
All owners of business, industrial, agricultural and residential properties must pay property taxes unless exempted by state law. Lessees must pay property taxes if they are leasing real estate from an owner whose property is exempt.