Big Jumps Possible In Property Taxes

I liked this podcast regarding the odd effects that increasing property values will have on property taxes, not only because it demonstrates the lessening impact of Proposition 13 with time, and how a 2%/yr increase can outpace property values in a depressed economy, but also because it features Sean Bianco singing a Slim Whitman song:

If you held onto your home through the recession you may soon be rewarded with a bigger tax bill. You may be thinking, "Wait! Prop 13 keeps my tax rate from rising more than two percent a year." That’s true, but a proposition enacted the same year as Prop 13 - Prop 8 (not the same-sex marriage Prop 8) - allows your tax bill to go down as your property value decreases. The problem is there is no cap on how fast property taxes can rise once they’ve been assessed lower. So people who saw a 50 percent decrease in home value and property tax payments can potentially see a tax payment increase of 50 percent if their home value bounces all the way back. This tax increase may come over time or it may come all at once. One thing for certain, is it can come faster than two percent a year. To find out more about this situation (and whether there are ways to avoid a big fat tax bill) we’re speaking with county assessors from around the region, including Sacramento, Yolo and El Dorado counties.