How does Proposition 2 1/2 limit property taxes?
Category:
Property Tax Bill
Proposition 2 1/2 contains two limitations on the amount of property taxes a city or town can raise: 1. The property tax levy ceiling (the amount raised) can never exceed 2 1/2% of the full cash value of all taxable property in the city or town. 2. The property tax levy cannot increase from year to year by more than 2 1/2%, with certain exceptions for new growth, or through overrides and exclusions as adopted by the voters.
Updated 3/9/2023 12:20 PM