The state of California’s annual property tax increase is set to double to $5.2 million per year.
That means that the median house price in the state will rise by $1,000.
The average price of a home will increase by $200, while a 2-bedroom apartment will increase $1 or $1K.
And the average cost of a 2 bedroom apartment will jump by $4,800.
The state also plans to increase its state income tax by 6% in 2018 and 2019, to raise an average of $3,000 for each $1 of additional tax.
That would bring California’s current average income tax rate of 8.25% to 12.5%.
The increases come at a time when property values in the Bay Area are soaring.
The median price of an Alameda property is now $1 million, up nearly $300,000 from this time last year.
The Alameda County-Berkeley-San Mateo metro area is now worth $2.2 billion, and the San Francisco Bay Area is valued at $3.4 billion.
The value of a median home in the San Jose metro area has increased by $2,500 from last year to $7,800 per square foot.
The San Francisco-Oakland-Hayward area is worth $531 million, and Los Angeles-Long Beach-Anaheim is valued with an average house price of $2 million.