What reassessment actually does to a tax bill

California property tax is roughly 1% of taxable value, plus local voter-approved add-ons (school bonds and the like) that typically bring the effective rate to 1.05%–1.25%, plus any fixed charges and special assessments (Mello-Roos in some newer communities).

Under Prop 13, taxable value rises at most 2% a year while ownership is unchanged. That's why a home bought in 1978 can carry a taxable value of $120,000 while being worth $1.8 million: forty-five years of 2% compounding versus decades of coastal appreciation.

Reassessment resets taxable value to current market value. The bill follows: $120,000 × ~1.1% ≈ $1,300/yr becomes $1,800,000 × ~1.1% ≈ $19,800/yr.

After a reassessment, Prop 13 protection starts over from the new value — annual increases are again capped at 2%, but from the much higher base.

General education, not advice — verify anything you’ll rely on with a CPA or estate attorney.