Assessed value above purchase price?

[sreeb]

I bought a condo in San Diego city that closed in October.

I just received my tax bill for year 7/1/09-6/30/10.

The “Net Taxable Value” is 13% above my purchase price.

The bill states that is is a “new owner bill” and the “Net Taxable Value” is under half its previous value so I know they reassessed it.

I did complete a “Preliminary Change of Ownership Report” which correctly lists the purchase price.

I don’t understand how it can be reassessed to anything but the purchase price though.

[pemeliza]

Seems early for them to have already reassessed if it closed in October. I don’t think the county is working that fast at the moment. Its possible the bill reflects a previous reassessment. Check with the county.

[pemeliza]

Seems early for them to have already reassessed if it closed in October. I don’t think the county is working that fast at the moment. Its possible the bill reflects a previous reassessment. Check with the county.

[pemeliza]

Seems early for them to have already reassessed if it closed in October. I don’t think the county is working that fast at the moment. Its possible the bill reflects a previous reassessment. Check with the county.

[pemeliza]

Seems early for them to have already reassessed if it closed in October. I don’t think the county is working that fast at the moment. Its possible the bill reflects a previous reassessment. Check with the county.

[pemeliza]

Seems early for them to have already reassessed if it closed in October. I don’t think the county is working that fast at the moment. Its possible the bill reflects a previous reassessment. Check with the county.

[DataAgent]

California tax law says “properties are reassessed to current market value only upon a change in ownership…”

Purchase price is usually equal to current market value. However, if the state feels you got a “smokin’ deal” they can adjust the value accordingly.

http://www.boe.ca.gov/proptaxes/pdf/pub29.pdf

[DataAgent]

California tax law says “properties are reassessed to current market value only upon a change in ownership…”

Purchase price is usually equal to current market value. However, if the state feels you got a “smokin’ deal” they can adjust the value accordingly.

http://www.boe.ca.gov/proptaxes/pdf/pub29.pdf

[DataAgent]

California tax law says “properties are reassessed to current market value only upon a change in ownership…”

Purchase price is usually equal to current market value. However, if the state feels you got a “smokin’ deal” they can adjust the value accordingly.

http://www.boe.ca.gov/proptaxes/pdf/pub29.pdf

[DataAgent]

California tax law says “properties are reassessed to current market value only upon a change in ownership…”

Purchase price is usually equal to current market value. However, if the state feels you got a “smokin’ deal” they can adjust the value accordingly.

http://www.boe.ca.gov/proptaxes/pdf/pub29.pdf

[DataAgent]

California tax law says “properties are reassessed to current market value only upon a change in ownership…”

Purchase price is usually equal to current market value. However, if the state feels you got a “smokin’ deal” they can adjust the value accordingly.

http://www.boe.ca.gov/proptaxes/pdf/pub29.pdf

[urbanrealtor]

[quote=DataAgent]California tax law says “properties are reassessed to current market value only upon a change in ownership…”

Purchase price is usually equal to current market value. However, if the state feels you got a “smokin’ deal” they can adjust the value accordingly.

http://www.boe.ca.gov/proptaxes/pdf/pub29.pdf%5B/quote%5D
Thats exactly right.
If you disagree, you will have to take it up directly with them.
Don’t be shy.

If it is the case that you bought at market, this means that you will likely be able to successfully contest it.

Good luck.

[urbanrealtor]

[quote=DataAgent]California tax law says “properties are reassessed to current market value only upon a change in ownership…”

Purchase price is usually equal to current market value. However, if the state feels you got a “smokin’ deal” they can adjust the value accordingly.

http://www.boe.ca.gov/proptaxes/pdf/pub29.pdf%5B/quote%5D
Thats exactly right.
If you disagree, you will have to take it up directly with them.
Don’t be shy.

If it is the case that you bought at market, this means that you will likely be able to successfully contest it.

Good luck.

[urbanrealtor]

[quote=DataAgent]California tax law says “properties are reassessed to current market value only upon a change in ownership…”

Purchase price is usually equal to current market value. However, if the state feels you got a “smokin’ deal” they can adjust the value accordingly.

http://www.boe.ca.gov/proptaxes/pdf/pub29.pdf%5B/quote%5D
Thats exactly right.
If you disagree, you will have to take it up directly with them.
Don’t be shy.

If it is the case that you bought at market, this means that you will likely be able to successfully contest it.

Good luck.

[urbanrealtor]

[quote=DataAgent]California tax law says “properties are reassessed to current market value only upon a change in ownership…”

Purchase price is usually equal to current market value. However, if the state feels you got a “smokin’ deal” they can adjust the value accordingly.

http://www.boe.ca.gov/proptaxes/pdf/pub29.pdf%5B/quote%5D
Thats exactly right.
If you disagree, you will have to take it up directly with them.
Don’t be shy.

If it is the case that you bought at market, this means that you will likely be able to successfully contest it.

Good luck.

[Author]

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