Question: In California property values are reassessed only after a sale
In California, property values are reassessed only after a sale has taken place. For proper-ties that have not been sold in the past year, the law allows only a small increase in the assessed value. Consequently, someone who purchased his home many years ago likely has a lower property tax bill than someone who purchased an identical home recently. Does this violate horizontal equity? In your answer, carefully de-fine all key concepts.
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