Foreclosure value for property tax considerations…

[urbanrealtor]

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.

[SK in CV]

Was it purchased at a foreclosure auction? If not, and it was either a short sale prior to foreclosure or REO purchased from the lender, the value is cut and dried. The purchase price (inclusive of any debts assumed) is the value. No assessed value adjustment for a good deal. State law.

If it was an actual purchase at the foreclosure auction, it might get a bit more complicated. (Which is my way of saying I have no clue what the law is. I could speculate but hopefully someone that knows can actually chime in.)

[SK in CV]

Was it purchased at a foreclosure auction? If not, and it was either a short sale prior to foreclosure or REO purchased from the lender, the value is cut and dried. The purchase price (inclusive of any debts assumed) is the value. No assessed value adjustment for a good deal. State law.

If it was an actual purchase at the foreclosure auction, it might get a bit more complicated. (Which is my way of saying I have no clue what the law is. I could speculate but hopefully someone that knows can actually chime in.)

[SK in CV]

Was it purchased at a foreclosure auction? If not, and it was either a short sale prior to foreclosure or REO purchased from the lender, the value is cut and dried. The purchase price (inclusive of any debts assumed) is the value. No assessed value adjustment for a good deal. State law.

If it was an actual purchase at the foreclosure auction, it might get a bit more complicated. (Which is my way of saying I have no clue what the law is. I could speculate but hopefully someone that knows can actually chime in.)

[SK in CV]

Was it purchased at a foreclosure auction? If not, and it was either a short sale prior to foreclosure or REO purchased from the lender, the value is cut and dried. The purchase price (inclusive of any debts assumed) is the value. No assessed value adjustment for a good deal. State law.

If it was an actual purchase at the foreclosure auction, it might get a bit more complicated. (Which is my way of saying I have no clue what the law is. I could speculate but hopefully someone that knows can actually chime in.)

[SK in CV]

Was it purchased at a foreclosure auction? If not, and it was either a short sale prior to foreclosure or REO purchased from the lender, the value is cut and dried. The purchase price (inclusive of any debts assumed) is the value. No assessed value adjustment for a good deal. State law.

If it was an actual purchase at the foreclosure auction, it might get a bit more complicated. (Which is my way of saying I have no clue what the law is. I could speculate but hopefully someone that knows can actually chime in.)

[Anonymous]

Hello. I am actually the friend that this post was written about, so I can fill you in on what has been expressed to me.
I bought my condo in November 2008, and it was a bank-owned foreclosure. Due to some mold (small area) that needed to be dealt with, it was a cash purchase in the amount of $164,000. The asking price was $187,000 at the time. I received a notice saying an assessment had been done (originally to bring the taxable value DOWN from the last sale price of 340,000 in 2006), and the assessed value was $250,000. I went to the assessor’s office and was told that even though a new purchase was made, the taxable value would still be $250,000 according to their records. I applied for a reconsideration, showing comps in the area, etc., and received a letter saying my request had been denied. This makes no sense to me. Real Estate is worth what people pay for it, right? Anyway, I’m not sure where to go from here, but my understanding is that they plan to continue to tax me as though I paid $250,000 for the place, and in reality there is no way it would sell for this now.
Thank you all for your posts. I appreciate any insight on this matter.

[Anonymous]

Hello. I am actually the friend that this post was written about, so I can fill you in on what has been expressed to me.
I bought my condo in November 2008, and it was a bank-owned foreclosure. Due to some mold (small area) that needed to be dealt with, it was a cash purchase in the amount of $164,000. The asking price was $187,000 at the time. I received a notice saying an assessment had been done (originally to bring the taxable value DOWN from the last sale price of 340,000 in 2006), and the assessed value was $250,000. I went to the assessor’s office and was told that even though a new purchase was made, the taxable value would still be $250,000 according to their records. I applied for a reconsideration, showing comps in the area, etc., and received a letter saying my request had been denied. This makes no sense to me. Real Estate is worth what people pay for it, right? Anyway, I’m not sure where to go from here, but my understanding is that they plan to continue to tax me as though I paid $250,000 for the place, and in reality there is no way it would sell for this now.
Thank you all for your posts. I appreciate any insight on this matter.

[Anonymous]

Hello. I am actually the friend that this post was written about, so I can fill you in on what has been expressed to me.
I bought my condo in November 2008, and it was a bank-owned foreclosure. Due to some mold (small area) that needed to be dealt with, it was a cash purchase in the amount of $164,000. The asking price was $187,000 at the time. I received a notice saying an assessment had been done (originally to bring the taxable value DOWN from the last sale price of 340,000 in 2006), and the assessed value was $250,000. I went to the assessor’s office and was told that even though a new purchase was made, the taxable value would still be $250,000 according to their records. I applied for a reconsideration, showing comps in the area, etc., and received a letter saying my request had been denied. This makes no sense to me. Real Estate is worth what people pay for it, right? Anyway, I’m not sure where to go from here, but my understanding is that they plan to continue to tax me as though I paid $250,000 for the place, and in reality there is no way it would sell for this now.
Thank you all for your posts. I appreciate any insight on this matter.

[Anonymous]

Hello. I am actually the friend that this post was written about, so I can fill you in on what has been expressed to me.
I bought my condo in November 2008, and it was a bank-owned foreclosure. Due to some mold (small area) that needed to be dealt with, it was a cash purchase in the amount of $164,000. The asking price was $187,000 at the time. I received a notice saying an assessment had been done (originally to bring the taxable value DOWN from the last sale price of 340,000 in 2006), and the assessed value was $250,000. I went to the assessor’s office and was told that even though a new purchase was made, the taxable value would still be $250,000 according to their records. I applied for a reconsideration, showing comps in the area, etc., and received a letter saying my request had been denied. This makes no sense to me. Real Estate is worth what people pay for it, right? Anyway, I’m not sure where to go from here, but my understanding is that they plan to continue to tax me as though I paid $250,000 for the place, and in reality there is no way it would sell for this now.
Thank you all for your posts. I appreciate any insight on this matter.

[Anonymous]

Hello. I am actually the friend that this post was written about, so I can fill you in on what has been expressed to me.
I bought my condo in November 2008, and it was a bank-owned foreclosure. Due to some mold (small area) that needed to be dealt with, it was a cash purchase in the amount of $164,000. The asking price was $187,000 at the time. I received a notice saying an assessment had been done (originally to bring the taxable value DOWN from the last sale price of 340,000 in 2006), and the assessed value was $250,000. I went to the assessor’s office and was told that even though a new purchase was made, the taxable value would still be $250,000 according to their records. I applied for a reconsideration, showing comps in the area, etc., and received a letter saying my request had been denied. This makes no sense to me. Real Estate is worth what people pay for it, right? Anyway, I’m not sure where to go from here, but my understanding is that they plan to continue to tax me as though I paid $250,000 for the place, and in reality there is no way it would sell for this now.
Thank you all for your posts. I appreciate any insight on this matter.

[Diego Mamani]

Neither the OP nor the friend (who’s been registered here for only 5 hours) have cared to answer the many follow-up questions they were asked.

[Diego Mamani]

Neither the OP nor the friend (who’s been registered here for only 5 hours) have cared to answer the many follow-up questions they were asked.

[Diego Mamani]

Neither the OP nor the friend (who’s been registered here for only 5 hours) have cared to answer the many follow-up questions they were asked.

[Diego Mamani]

Neither the OP nor the friend (who’s been registered here for only 5 hours) have cared to answer the many follow-up questions they were asked.

[Author]

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