How often are property assessments required to occur in California?

In California, property assessments are required to occur annually. This practice is governed by Proposition 13, which was passed in 1978. Under this proposition, properties are assessed at their base year value when they are purchased or newly constructed, which becomes the assessed value. Subsequently, this assessed value can increase by a maximum of 2% per year, unless there is a change in ownership or new construction, which would trigger a reassessment at market value. As a result, annual assessments ensure that property values reflect any changes in the market, while still providing a stable tax environment for homeowners and property owners.

This annual assessment is significant as it helps maintain equitable taxation within the state, allowing for adjustments that reflect the economic conditions affecting real estate.