Foreclosure value for property tax considerations…

[Veritas]

It will be intentional and should destroy savings if such things exist any longer.On the bright side, we would be paying China back in cheaper money.

The government could simply print more dollars to pay off our debts with cheap currency — a tempting but inflationary solution. Politicians wouldn’t have to ask citizens to pay for the government’s services, and citizens wouldn’t have to think about the actual cost of what they demand — until, of course, the currency collapses, interest rates soar and the economy craters. Some on Wall Street are betting on just that scenario. Universa Investments — linked to Nassim Nicholas Taleb, author of Wall Street’s biggest book, The Black Swan: The Impact of the Highly Improbable— is adding strategies that will soar if inflation takes off. Respected hedge fund adviser 36 South Investment Managers is raising $100 million for a fund that will bet on soaring price increases. And Marc Faber, editor of the Gloom Boom & Doom Report, a newsletter, predicts that U.S. inflation will someday match Zimbabwe’s — that would be 236 million percent a year.
http://www.usatoday.com/money/economy/inflation/2009-06-28-national-debt-inflation_N.htm

[EconProf]

astephen2: Assuming you are in CA (which you have not yet cleared up as requested), you should have gotten a written answer that also spelled out the appeals process–your next step in your very reasonable challenge of the assessor’s claim.
If you are in CA, the appeal can now easily go to the hearing stage where you can make your case. Why not do that? Its free, and you stand to save a lot of money.

[EconProf]

astephen2: Assuming you are in CA (which you have not yet cleared up as requested), you should have gotten a written answer that also spelled out the appeals process–your next step in your very reasonable challenge of the assessor’s claim.
If you are in CA, the appeal can now easily go to the hearing stage where you can make your case. Why not do that? Its free, and you stand to save a lot of money.

[EconProf]

astephen2: Assuming you are in CA (which you have not yet cleared up as requested), you should have gotten a written answer that also spelled out the appeals process–your next step in your very reasonable challenge of the assessor’s claim.
If you are in CA, the appeal can now easily go to the hearing stage where you can make your case. Why not do that? Its free, and you stand to save a lot of money.

[EconProf]

astephen2: Assuming you are in CA (which you have not yet cleared up as requested), you should have gotten a written answer that also spelled out the appeals process–your next step in your very reasonable challenge of the assessor’s claim.
If you are in CA, the appeal can now easily go to the hearing stage where you can make your case. Why not do that? Its free, and you stand to save a lot of money.

[EconProf]

astephen2: Assuming you are in CA (which you have not yet cleared up as requested), you should have gotten a written answer that also spelled out the appeals process–your next step in your very reasonable challenge of the assessor’s claim.
If you are in CA, the appeal can now easily go to the hearing stage where you can make your case. Why not do that? Its free, and you stand to save a lot of money.

[davelj]

Very bizarre. I bought a foreclosed condo for $145K in September of last year that had previously sold for $370K in ’05. There were no tax issues – the taxable value is $145K.

Likewise, I had no issues getting a substantial assessment reduction on the condo that I actually live in. I bought the place in a very complicated transaction in which the seller lost an enormous chunk of equity, but the selling price (and thus tax assessment) was based on a much higher price than I ultimately paid. I had no problems getting the assessed value down to my actual cost.

Again, very bizarre.

[davelj]

Very bizarre. I bought a foreclosed condo for $145K in September of last year that had previously sold for $370K in ’05. There were no tax issues – the taxable value is $145K.

Likewise, I had no issues getting a substantial assessment reduction on the condo that I actually live in. I bought the place in a very complicated transaction in which the seller lost an enormous chunk of equity, but the selling price (and thus tax assessment) was based on a much higher price than I ultimately paid. I had no problems getting the assessed value down to my actual cost.

Again, very bizarre.

[davelj]

Very bizarre. I bought a foreclosed condo for $145K in September of last year that had previously sold for $370K in ’05. There were no tax issues – the taxable value is $145K.

Likewise, I had no issues getting a substantial assessment reduction on the condo that I actually live in. I bought the place in a very complicated transaction in which the seller lost an enormous chunk of equity, but the selling price (and thus tax assessment) was based on a much higher price than I ultimately paid. I had no problems getting the assessed value down to my actual cost.

Again, very bizarre.

[davelj]

Very bizarre. I bought a foreclosed condo for $145K in September of last year that had previously sold for $370K in ’05. There were no tax issues – the taxable value is $145K.

Likewise, I had no issues getting a substantial assessment reduction on the condo that I actually live in. I bought the place in a very complicated transaction in which the seller lost an enormous chunk of equity, but the selling price (and thus tax assessment) was based on a much higher price than I ultimately paid. I had no problems getting the assessed value down to my actual cost.

Again, very bizarre.

[davelj]

Very bizarre. I bought a foreclosed condo for $145K in September of last year that had previously sold for $370K in ’05. There were no tax issues – the taxable value is $145K.

Likewise, I had no issues getting a substantial assessment reduction on the condo that I actually live in. I bought the place in a very complicated transaction in which the seller lost an enormous chunk of equity, but the selling price (and thus tax assessment) was based on a much higher price than I ultimately paid. I had no problems getting the assessed value down to my actual cost.

Again, very bizarre.

[Author]

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