Thanks sdrealtor. Perhaps if a new house is sold upon completion or soon after that, there’s no need to reassess because the new value would be the sale price.
But it doesn’t seem quite fair if a house sits unsold for months, perhaps years. Does that mean that I can buy land, build 10 houses, not sell them, and hardly pay any property taxes?
I build a pool or a balcony and I’m reassessed; shouldn’t I be reassessed if I put a new house on my vacant land?
If you look at a project such at the Loft at 777, you’ll see that this is brand new construction. There are still unsold units (parcels). And if you look at the County records, you’ll see that they have been assessed. Can we assume that those assessed valued is the cost basis for the builder? http://sdlookup.com/PropertyResults/tabid/58/q/777+6TH+AVE/Default.aspx
If I’m in manufacturing and build a machine for use in my factory, I need to declare my basis in that machine for property tax purposes. I’m thinking is would be the same for houses.
As time goes by, I’m sure that I’ll somehow get the answer and I’ll report back.
