Final answer:
California's property taxes are based on the date of acquisition, as determined by Proposition 13, which caps real estate taxes at 1 percent of the property's value at the time of the most recent sale.
Step-by-step explanation:
Property taxes in California are levied using a system that is based on B) the date of acquisition. This is due to the passage of Proposition 13 in 1978, which capped the real estate tax at 1 percent of the cash value of property at the time of the most recent sale rather than on current market value. Proposition 13 also stopped the practice of reassessing properties for tax purposes when a new sale occurred in the neighborhood. This approach can lead to large disparities in property taxes paid by neighbors with similar properties.
Property taxes are an essential source of revenue for local governments and are often levied on assets like homes, land, and businesses. The value of the property, and thus the tax assessed, can be influenced by a variety of factors including economic conditions, the quality of school districts, and overall desirability.
Typically, property tax is imposed on the value of real estate property and does not take into account the income, total assets of the owner, or other forms of appraisal besides the value set at the time of the property's most recent sale.