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New homebuyers slammed by high prices, high taxes

Troy Anderson of the Los Angeles Daily News reports on soaring property tax revenues in Los Angeles city and county. "The revenues have been a boon for local governments, with homeowners paying $9.5 billion in property taxes in fiscal 2004-05, compared with $6.7 billion in 2000-01." Property owners have been paying differing rates since the passage of Proposition 13, which sets the tax rate, based on the assessed value of the home at the time of the purchase.

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