California to Use Deflation in Assessing Property Taxes

California to Use Deflation in Assessing Property Taxes - NYTimes.com

LOS ANGELES — Long used to manageable property tax bills, California homeowners have been lamenting over the last few years that their assessments did not reflect the enormous slide in the value of so many homes here.

Now, for the first time in more than 30 years — since a law was enacted limiting the amount property taxes could rise — property tax bills will reflect negative price inflation, reducing most homeowners’ tax bills come January.