Property tax confusion for houses that sell for much less than what owner paid

[jonnycsd]

Typically the assessed value is the purchase price – no guarantee, but this is typical. If value drops within the first year after you buy, you can get a permanent reduction in the assessment from the County.

Additionally, if comps in your area are much lower than what you paid, even if you bought years ago, you can request (and will usually get) a one year reduction in assessed value. You can make this request every year so long as the current market value is less than your current assessed value.

I believe that Prop 13 prevents increases in your initial assessment so long as you are the owner. I do not believe you even have to live in the property for this protection.

County tax receipts are going to follow the market down. Our schools are already in budget trouble now, what about when property tax receiepts are off 20% or 30% from current? THIS IS A MAJOR ISSUE FOR LOCAL GOVERNMENTS ACCROSS SOCAL but does not appear to be on anyone’s radar.

[jpinpb]

I am not sure about the Prop 13. I sold shortly thereafter when the housing market improved. I would like to know if that’s true, for future info. I’m sure it’s different when buying a house at a lower price. I would think they assess the value of the house at time of sale and it wouldn’t seem accurate to appraise it at the old much higher price.

[jpinpb]

I am not sure about the Prop 13. I sold shortly thereafter when the housing market improved. I would like to know if that’s true, for future info. I’m sure it’s different when buying a house at a lower price. I would think they assess the value of the house at time of sale and it wouldn’t seem accurate to appraise it at the old much higher price.

[jpinpb]

I am not sure about the Prop 13. I sold shortly thereafter when the housing market improved. I would like to know if that’s true, for future info. I’m sure it’s different when buying a house at a lower price. I would think they assess the value of the house at time of sale and it wouldn’t seem accurate to appraise it at the old much higher price.

[jpinpb]

I am not sure about the Prop 13. I sold shortly thereafter when the housing market improved. I would like to know if that’s true, for future info. I’m sure it’s different when buying a house at a lower price. I would think they assess the value of the house at time of sale and it wouldn’t seem accurate to appraise it at the old much higher price.

[jpinpb]

I am not sure about the Prop 13. I sold shortly thereafter when the housing market improved. I would like to know if that’s true, for future info. I’m sure it’s different when buying a house at a lower price. I would think they assess the value of the house at time of sale and it wouldn’t seem accurate to appraise it at the old much higher price.

[34f3f3f]

County tax receipts are going to follow the market down. Our schools are already in budget trouble now, what about when property tax receiepts are off 20% or 30% from current? THIS IS A MAJOR ISSUE FOR LOCAL GOVERNMENTS ACCROSS SOCAL but does not appear to be on anyone’s radar.

You may remember Mr I’ll-Be-Back addressing the issue of house price declines. Apparently, notwithstanding the windfall from house price hyper-inflation, public spending has been way in excess of tax receipts anyway. What percentage a 20-30% reduction is in relation to those excesses would be interesting to know.

[34f3f3f]

County tax receipts are going to follow the market down. Our schools are already in budget trouble now, what about when property tax receiepts are off 20% or 30% from current? THIS IS A MAJOR ISSUE FOR LOCAL GOVERNMENTS ACCROSS SOCAL but does not appear to be on anyone’s radar.

You may remember Mr I’ll-Be-Back addressing the issue of house price declines. Apparently, notwithstanding the windfall from house price hyper-inflation, public spending has been way in excess of tax receipts anyway. What percentage a 20-30% reduction is in relation to those excesses would be interesting to know.

[34f3f3f]

County tax receipts are going to follow the market down. Our schools are already in budget trouble now, what about when property tax receiepts are off 20% or 30% from current? THIS IS A MAJOR ISSUE FOR LOCAL GOVERNMENTS ACCROSS SOCAL but does not appear to be on anyone’s radar.

You may remember Mr I’ll-Be-Back addressing the issue of house price declines. Apparently, notwithstanding the windfall from house price hyper-inflation, public spending has been way in excess of tax receipts anyway. What percentage a 20-30% reduction is in relation to those excesses would be interesting to know.

[34f3f3f]

County tax receipts are going to follow the market down. Our schools are already in budget trouble now, what about when property tax receiepts are off 20% or 30% from current? THIS IS A MAJOR ISSUE FOR LOCAL GOVERNMENTS ACCROSS SOCAL but does not appear to be on anyone’s radar.

You may remember Mr I’ll-Be-Back addressing the issue of house price declines. Apparently, notwithstanding the windfall from house price hyper-inflation, public spending has been way in excess of tax receipts anyway. What percentage a 20-30% reduction is in relation to those excesses would be interesting to know.

[34f3f3f]

County tax receipts are going to follow the market down. Our schools are already in budget trouble now, what about when property tax receiepts are off 20% or 30% from current? THIS IS A MAJOR ISSUE FOR LOCAL GOVERNMENTS ACCROSS SOCAL but does not appear to be on anyone’s radar.

You may remember Mr I’ll-Be-Back addressing the issue of house price declines. Apparently, notwithstanding the windfall from house price hyper-inflation, public spending has been way in excess of tax receipts anyway. What percentage a 20-30% reduction is in relation to those excesses would be interesting to know.

[SHILOH]

“I believe that Prop 13 prevents increases in your initial assessment so long as you are the owner. I do not believe you even have to live in the property for this protection.”

Can someone comment more on this…does this mean your taxes are only on the amount you payed — and stays the same every year as long as you own the property? How would the city make any money with inflation?

[SHILOH]

“I believe that Prop 13 prevents increases in your initial assessment so long as you are the owner. I do not believe you even have to live in the property for this protection.”

Can someone comment more on this…does this mean your taxes are only on the amount you payed — and stays the same every year as long as you own the property? How would the city make any money with inflation?

[SHILOH]

“I believe that Prop 13 prevents increases in your initial assessment so long as you are the owner. I do not believe you even have to live in the property for this protection.”

Can someone comment more on this…does this mean your taxes are only on the amount you payed — and stays the same every year as long as you own the property? How would the city make any money with inflation?

[SHILOH]

“I believe that Prop 13 prevents increases in your initial assessment so long as you are the owner. I do not believe you even have to live in the property for this protection.”

Can someone comment more on this…does this mean your taxes are only on the amount you payed — and stays the same every year as long as you own the property? How would the city make any money with inflation?

[Author]

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