Real Estate Exam [California] 33, Property Tax, Proposition 13, and Proposition 19

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Real Estate Exam [California] 33, Property Tax, Proposition 13, and Proposition 19

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This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - How Proposition 13 establishes a base-year value and limits annual property tax increases to 1% of assessed value and a 2% maximum annual adjustment. - The function of a supplemental tax bill, which is issued following a sale to cover the difference between the old and new assessed values mid-year. - The difference between the general tax levy and special assessments like Mello-Roos, which are not subject to Prop 13's 1% limit. - The key portability benefits of Proposition 19, allowing homeowners over 55 to transfer their tax base to a new primary residence anywhere in California. - How the Homeowner's Exemption reduces the assessed value by $7,000 for an owner-occupied principal residence. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

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