The California State Board of Equalization is advising County Assessors to use 2 percent as Proposition 13's inflation factor for 2023/34.
Assessors will add 2 percent to existing values for 2023/24.
California's Proposition 13 provides for assessed value each year to be the lower of:
- Actual market value
- Prior year's assessed value, indexed by 2 percent
- Prior year's assessed value, indexed by the change in the California Consumer Price Index
The State Board of Equalization determined that the California CPI increased by 7.274 percent from October 2021 to October 2022.
