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Property taxes! Everyone’s favorite topic. Okay, maybe not, but the more you know the better off you are. When I sell a property, I always let my buyers know their property tax will be about 1.25% of the price they paid for their house. The actual calculation is more complicated, but in general, 1.25% is a good estimate. The next question buyers have is how much will property taxes go up? Proposition 13, also called “The People’s Initiative to Limit Property Tax” protects homeowners from property tax increases of more than 2% per year. In certain circumstances, It is also possible for your property taxes to decrease. The next tip is for anyone over 55! Residents over 55 in Riverside County, Los Angeles County, and San Diego County can keep the tax base of their current primary residence if they buy another primary residence of equal or lesser value. This is a really great opportunity for people who have owned a home for a number of years and are looking to downsize. This week, my hot property is a gorgeous home in the Palisades. This home is private, it has personality, wonderful indoor/outdoor flow, lots of green space, a deck with a view and it’s in a great neighborhood. This would be ideal for a bachelor, bachelorette or maybe a couple! Check it out on my website: PamelaRichProperties.com. Thank you for tuning in! If you have any questions or ideas for future episodes, please feel free to reach me at pamela@hiltonhighlands.com. Key Takeaways: [:35] Welcome to another episode of “Selling Los Angeles”. [:45] Today’s topic: What is up with property taxes? [1:21] Property tax in LA county is roughly 1.25% of the purchase price. [2:04] Explanation of Proposition 13: The People’s Initiative to Limit Property Tax. When and how much your property taxes can increase? [3:53] Can your property taxes ever go down? Proposition 8. [6:18] Major renovation can increase your property tax more than the usual 2%/year limit. [7:25] Are you or someone you know over 55? Proposition 60 provides a great benefit for older people looking to downsize. [8:59] The requirements for Proposition 60. [10:52] Pamela’s hot property this week is a house on Charmel Lane in the Palisades. There is a lot to love about this home! [14:28] Share this podcast with a friend or family member who might find the information helpful! Check out my website: PamelaRichProperties.com or shoot me an email with questions or ideas for future shows at pamela@hiltonhighland.com and please leave a review and rating on iTunes or where you like to listen. Mentioned in This Episode: PamelaRichProperties.com