If you purchased a home in 2005 for $800k and your property tax was 1% so you pay $8k a year. What happens when the market bottoms out and your home is worth $400k? Can you have the city revalue your home so you can pay $4000 a year in PT? Or are you stuck with the inital valye levied?
However, if/when the value returns to or greater than the amount allowed by Prop 13 (the original basis + 2% per year), they can adjust the taxes back up. I first heard about people complaining about getting re-adjusted back to the original basis in about 2000.
However, if/when the value returns to or greater than the amount allowed by Prop 13 (the original basis + 2% per year), they can adjust the taxes back up. I first heard about people complaining about getting re-adjusted back to the original basis in about 2000.
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