Real Property
The value enrolled at the time the property is acquired (or the 1975 value if acquired before 1975) is called the property's base year value. This value is annually increased by a factor of no more than 2% and is based on the prior year's California Consumer Price Index. The base year value factored is referred to as the Proposition 13 value. The base year value changes only when there is a change in ownership or new construction to the property.