If you bought a San Diego County home at the height of rising prices in 2022, you might be getting a tax cut this year. Home prices shot up in early 2022 — rising 30 percent annually as of March — only to come down quickly as interest rates rose. That means the tax bill for hundreds of new homebuyers, who bought from January to June 2022, could have been higher than the homes were worth when taxes were calculated this January.
Still, County Assessor Jordan Marks said the temporary reduction, even as low as $50 in some cases, makes a difference with inflation. 'For some folks, it means they save $3,000,' he said. 'That could mean a lot for you and your family right now.' The effort to provide temporary relief for home value decreases was passed as Proposition 8 in 1978, five months after Proposition 13, which capped annual property tax increases.