Thanks Former. I thought I read somewhere something about reassessments that allow lower property tax when the value decreases, but then the lid comes off, so to speak, once the value goes back up. Always better to buy low w/higher interest rates. Of course, nowadays, seems like you can buy low w/low interest rates. Best of both worlds.
Another note, you are right that it could be a decade or more before the values go back up. There’s discussion of how low values will go. But most people agree it’s not going to be a V and we could have flatline prices for a very long time.
And someone that isn’t going to be there more than 10 years, guess the reassessment won’t affect them. Only really affects someone who plans on being there for the duration.
When I bought my place in Carmel Valley, I thought I’d be there forever. Then life happens.
Wasn’t there some percentage that said how long people actually live in one place? Sometimes even if your intention is forever, it doesn’t always work that way.
