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  • July 31, 2009 at 9:10 AM #16122
    sd_t2
    Participant

    All,

    A friend of mine bought a condo at the end of 2008. It was a foreclosure.

    She told me last night that the county is using a number higher than the price she paid for it to determine her property tax. The county is, in effect, saying “well if you hadn’t got a cheap foreclosure deal, the property would really be worth X” — where X is some number larger than the actual amount of the transaction.

    Is that something you’ve heard before?? She tried to appeal the assessment but they seem to be sticking to this line of reasoning.

    Please advise.

    July 31, 2009 at 3:42 PM #439812
    jpinpb
    Participant

    I am surprised to hear this as foreclosure properties are being used as comps and some people have requested their property tax be reduced b/c of declining property values. Not sure what else can be done, other than wait to see what sales happen in the area and try to get reassessed again if prices drop.

    July 31, 2009 at 3:42 PM #440584
    jpinpb
    Participant

    I am surprised to hear this as foreclosure properties are being used as comps and some people have requested their property tax be reduced b/c of declining property values. Not sure what else can be done, other than wait to see what sales happen in the area and try to get reassessed again if prices drop.

    July 31, 2009 at 3:42 PM #440412
    jpinpb
    Participant

    I am surprised to hear this as foreclosure properties are being used as comps and some people have requested their property tax be reduced b/c of declining property values. Not sure what else can be done, other than wait to see what sales happen in the area and try to get reassessed again if prices drop.

    July 31, 2009 at 3:42 PM #440340
    jpinpb
    Participant

    I am surprised to hear this as foreclosure properties are being used as comps and some people have requested their property tax be reduced b/c of declining property values. Not sure what else can be done, other than wait to see what sales happen in the area and try to get reassessed again if prices drop.

    July 31, 2009 at 3:42 PM #440013
    jpinpb
    Participant

    I am surprised to hear this as foreclosure properties are being used as comps and some people have requested their property tax be reduced b/c of declining property values. Not sure what else can be done, other than wait to see what sales happen in the area and try to get reassessed again if prices drop.

    July 31, 2009 at 4:06 PM #440023
    temeculaguy
    Participant

    Is it in California? Some states have market value taxes, but here in prop 13 land, it’s pretty cut and dry, sales price is the law of the land.

    There can also be things she isn’t telling you or she may not understand some of it. If you buy a trainwreck foreclosure and need to pull permits to repair or add things, the addition is added to the sales price to determine taxes, but I’m doubting that is the case since it is a condo.

    Most of us in so cal have been reporting the opposite, where they are lowering taxes without even asking. You can look up her taxes using the address online, most counties have an online system, check it.

    My last guess is that she will get a refund, I bought my place at the end of 2008, had to pay the taxes for the remainder of the cycle based on the former assesment, which was double. They just got around to updating it and are sending me a refund for those six months. Same thing happens in an up market but it usually results in a special assessment that you owe, nowadays it’s a refund. It takes a full year to get the taxes squared away, but it happens automatically and you end up not getting screwed, you pay more or get some back, depending on the scenario.

    July 31, 2009 at 4:06 PM #440350
    temeculaguy
    Participant

    Is it in California? Some states have market value taxes, but here in prop 13 land, it’s pretty cut and dry, sales price is the law of the land.

    There can also be things she isn’t telling you or she may not understand some of it. If you buy a trainwreck foreclosure and need to pull permits to repair or add things, the addition is added to the sales price to determine taxes, but I’m doubting that is the case since it is a condo.

    Most of us in so cal have been reporting the opposite, where they are lowering taxes without even asking. You can look up her taxes using the address online, most counties have an online system, check it.

    My last guess is that she will get a refund, I bought my place at the end of 2008, had to pay the taxes for the remainder of the cycle based on the former assesment, which was double. They just got around to updating it and are sending me a refund for those six months. Same thing happens in an up market but it usually results in a special assessment that you owe, nowadays it’s a refund. It takes a full year to get the taxes squared away, but it happens automatically and you end up not getting screwed, you pay more or get some back, depending on the scenario.

    July 31, 2009 at 4:06 PM #440594
    temeculaguy
    Participant

    Is it in California? Some states have market value taxes, but here in prop 13 land, it’s pretty cut and dry, sales price is the law of the land.

    There can also be things she isn’t telling you or she may not understand some of it. If you buy a trainwreck foreclosure and need to pull permits to repair or add things, the addition is added to the sales price to determine taxes, but I’m doubting that is the case since it is a condo.

    Most of us in so cal have been reporting the opposite, where they are lowering taxes without even asking. You can look up her taxes using the address online, most counties have an online system, check it.

    My last guess is that she will get a refund, I bought my place at the end of 2008, had to pay the taxes for the remainder of the cycle based on the former assesment, which was double. They just got around to updating it and are sending me a refund for those six months. Same thing happens in an up market but it usually results in a special assessment that you owe, nowadays it’s a refund. It takes a full year to get the taxes squared away, but it happens automatically and you end up not getting screwed, you pay more or get some back, depending on the scenario.

    July 31, 2009 at 4:06 PM #440422
    temeculaguy
    Participant

    Is it in California? Some states have market value taxes, but here in prop 13 land, it’s pretty cut and dry, sales price is the law of the land.

    There can also be things she isn’t telling you or she may not understand some of it. If you buy a trainwreck foreclosure and need to pull permits to repair or add things, the addition is added to the sales price to determine taxes, but I’m doubting that is the case since it is a condo.

    Most of us in so cal have been reporting the opposite, where they are lowering taxes without even asking. You can look up her taxes using the address online, most counties have an online system, check it.

    My last guess is that she will get a refund, I bought my place at the end of 2008, had to pay the taxes for the remainder of the cycle based on the former assesment, which was double. They just got around to updating it and are sending me a refund for those six months. Same thing happens in an up market but it usually results in a special assessment that you owe, nowadays it’s a refund. It takes a full year to get the taxes squared away, but it happens automatically and you end up not getting screwed, you pay more or get some back, depending on the scenario.

    July 31, 2009 at 4:06 PM #439822
    temeculaguy
    Participant

    Is it in California? Some states have market value taxes, but here in prop 13 land, it’s pretty cut and dry, sales price is the law of the land.

    There can also be things she isn’t telling you or she may not understand some of it. If you buy a trainwreck foreclosure and need to pull permits to repair or add things, the addition is added to the sales price to determine taxes, but I’m doubting that is the case since it is a condo.

    Most of us in so cal have been reporting the opposite, where they are lowering taxes without even asking. You can look up her taxes using the address online, most counties have an online system, check it.

    My last guess is that she will get a refund, I bought my place at the end of 2008, had to pay the taxes for the remainder of the cycle based on the former assesment, which was double. They just got around to updating it and are sending me a refund for those six months. Same thing happens in an up market but it usually results in a special assessment that you owe, nowadays it’s a refund. It takes a full year to get the taxes squared away, but it happens automatically and you end up not getting screwed, you pay more or get some back, depending on the scenario.

    July 31, 2009 at 4:25 PM #440033
    urbanrealtor
    Participant

    Yes.

    I have heard of this.

    If the assessor thinks you got it below market they will base value on “market”.

    It happens.

    Also, they tend to keep pretty close tabs on the market (eg: my recent tax reduction which I did not solicit).

    However prop 13 generally keeps them from charging the full market based tax amount.

    July 31, 2009 at 4:25 PM #440604
    urbanrealtor
    Participant

    Yes.

    I have heard of this.

    If the assessor thinks you got it below market they will base value on “market”.

    It happens.

    Also, they tend to keep pretty close tabs on the market (eg: my recent tax reduction which I did not solicit).

    However prop 13 generally keeps them from charging the full market based tax amount.

    July 31, 2009 at 4:25 PM #440360
    urbanrealtor
    Participant

    Yes.

    I have heard of this.

    If the assessor thinks you got it below market they will base value on “market”.

    It happens.

    Also, they tend to keep pretty close tabs on the market (eg: my recent tax reduction which I did not solicit).

    However prop 13 generally keeps them from charging the full market based tax amount.

    July 31, 2009 at 4:25 PM #439832
    urbanrealtor
    Participant

    Yes.

    I have heard of this.

    If the assessor thinks you got it below market they will base value on “market”.

    It happens.

    Also, they tend to keep pretty close tabs on the market (eg: my recent tax reduction which I did not solicit).

    However prop 13 generally keeps them from charging the full market based tax amount.

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