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Property Taxes <br />>>Enhance Existing Revenue Sources <br />15 <br />PROPERTY TAX: imposed on “real property” (land and buildings) and tangible <br />personal property (movable property such as boats, aircraft and business <br />equipment) <br />The property tax rate is applied to the assessed valuation (AV) of the property <br />»The property tax rate levied for general purposes is 1% of AV plus voter- <br />approved incremental rates to fund indebtedness (general obligation bonds) <br />AV of real property is the “full cash value” of the property in 1975-76 or at change of <br />ownership, whichever is more recent <br />»Adjusted annually by CPI, not to exceed an annual increase of 2% <br />»AV becomes the new purchase price upon change in ownership <br />Property tax allocations among local agencies vary due to differences in the service <br />responsibilities among agencies serving different areas and differences in the tax rates <br />enacted by those agencies prior to Proposition 13 in 1978