[quote=flu][quote=Blogstar]Should they add the %2(or any percent) in seriously falling markets year after year?
What does prop 13 have to address assessments in falling markets. What does the State Board of Equalization have to say about the practice of raising assessments in falling markets? These are some questions that came up after looking at my tax bills while going through the appeal.
Yes, it was funny to belittle my property to the assessor’s appraiser…My wife and I were laughing about it.[/quote]
I posted the following question a few threads back to validate my understanding…Here was the thread (which EconProf responded to)…
Basically, the 2% cap rule doesn’t apply if you get reassesed, and up to your initial price…So I was just thinking in theory …If you bought and the FMV of the property went down significantly and if it was possible(minus transaction costs of doing so,hassle etc)…Would it be better off selling the property/buying it back, and get you 2% cap rule from the new sale price….But I’m sure there’s rules about that too.[/quote]
Just reviewed this short thread. These two threads are the first time I have seen EconProf’s very informative posts!
