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April 10, 2008 at 8:14 PM in reply to: Question about taxes after buying a foreclosed home??? #184594April 10, 2008 at 8:14 PM in reply to: Question about taxes after buying a foreclosed home??? #184610
sandiego
ParticipantDo the math. The base tax rate is approximately 1%. If the home drops in value by $100,000, the base property tax drops by $1,000 per year.
If $1,000+/- per year is affecting your choice to buy, homeownership may not be for you.
April 10, 2008 at 8:14 PM in reply to: Question about taxes after buying a foreclosed home??? #184638ParticipantDo the math. The base tax rate is approximately 1%. If the home drops in value by $100,000, the base property tax drops by $1,000 per year.
If $1,000+/- per year is affecting your choice to buy, homeownership may not be for you.
April 10, 2008 at 8:14 PM in reply to: Question about taxes after buying a foreclosed home??? #184647ParticipantDo the math. The base tax rate is approximately 1%. If the home drops in value by $100,000, the base property tax drops by $1,000 per year.
If $1,000+/- per year is affecting your choice to buy, homeownership may not be for you.
April 10, 2008 at 8:14 PM in reply to: Question about taxes after buying a foreclosed home??? #184651ParticipantDo the math. The base tax rate is approximately 1%. If the home drops in value by $100,000, the base property tax drops by $1,000 per year.
If $1,000+/- per year is affecting your choice to buy, homeownership may not be for you.
April 10, 2008 at 5:28 PM in reply to: Question about taxes after buying a foreclosed home??? #184520ParticipantSounds right. Your friend will have to get a few comp sales in the area and petition to the tax assessor.
If the Assessor reduced the taxes owed on every home in the area because of one REO sale, the whole system would come crashing down.
It is a catch 22. If the entire neighborhood crashes in value, they will all save a few thousand annually on their property taxes. Of course they will all need to lose tens of thousands in value to get their tax “savings”.
April 10, 2008 at 5:28 PM in reply to: Question about taxes after buying a foreclosed home??? #184537ParticipantSounds right. Your friend will have to get a few comp sales in the area and petition to the tax assessor.
If the Assessor reduced the taxes owed on every home in the area because of one REO sale, the whole system would come crashing down.
It is a catch 22. If the entire neighborhood crashes in value, they will all save a few thousand annually on their property taxes. Of course they will all need to lose tens of thousands in value to get their tax “savings”.
April 10, 2008 at 5:28 PM in reply to: Question about taxes after buying a foreclosed home??? #184563ParticipantSounds right. Your friend will have to get a few comp sales in the area and petition to the tax assessor.
If the Assessor reduced the taxes owed on every home in the area because of one REO sale, the whole system would come crashing down.
It is a catch 22. If the entire neighborhood crashes in value, they will all save a few thousand annually on their property taxes. Of course they will all need to lose tens of thousands in value to get their tax “savings”.
April 10, 2008 at 5:28 PM in reply to: Question about taxes after buying a foreclosed home??? #184572ParticipantSounds right. Your friend will have to get a few comp sales in the area and petition to the tax assessor.
If the Assessor reduced the taxes owed on every home in the area because of one REO sale, the whole system would come crashing down.
It is a catch 22. If the entire neighborhood crashes in value, they will all save a few thousand annually on their property taxes. Of course they will all need to lose tens of thousands in value to get their tax “savings”.
April 10, 2008 at 5:28 PM in reply to: Question about taxes after buying a foreclosed home??? #184577ParticipantSounds right. Your friend will have to get a few comp sales in the area and petition to the tax assessor.
If the Assessor reduced the taxes owed on every home in the area because of one REO sale, the whole system would come crashing down.
It is a catch 22. If the entire neighborhood crashes in value, they will all save a few thousand annually on their property taxes. Of course they will all need to lose tens of thousands in value to get their tax “savings”.
April 6, 2008 at 5:31 PM in reply to: OT: Mexico reconquers California? Absolut drinks to that! #181888ParticipantI was at the Dodger/Padre series all weekend. It looks like Mexico has already taken over.
Here is a very interesting conundrum for the baby-boomers.
http://www-rcf.usc.edu/~dowell/pdf/Myers_WallStreetJournal050707.pdf
April 6, 2008 at 5:31 PM in reply to: OT: Mexico reconquers California? Absolut drinks to that! #181897ParticipantI was at the Dodger/Padre series all weekend. It looks like Mexico has already taken over.
Here is a very interesting conundrum for the baby-boomers.
http://www-rcf.usc.edu/~dowell/pdf/Myers_WallStreetJournal050707.pdf
April 6, 2008 at 5:31 PM in reply to: OT: Mexico reconquers California? Absolut drinks to that! #181929ParticipantI was at the Dodger/Padre series all weekend. It looks like Mexico has already taken over.
Here is a very interesting conundrum for the baby-boomers.
http://www-rcf.usc.edu/~dowell/pdf/Myers_WallStreetJournal050707.pdf
April 6, 2008 at 5:31 PM in reply to: OT: Mexico reconquers California? Absolut drinks to that! #181936ParticipantI was at the Dodger/Padre series all weekend. It looks like Mexico has already taken over.
Here is a very interesting conundrum for the baby-boomers.
http://www-rcf.usc.edu/~dowell/pdf/Myers_WallStreetJournal050707.pdf
April 6, 2008 at 5:31 PM in reply to: OT: Mexico reconquers California? Absolut drinks to that! #181941ParticipantI was at the Dodger/Padre series all weekend. It looks like Mexico has already taken over.
Here is a very interesting conundrum for the baby-boomers.
http://www-rcf.usc.edu/~dowell/pdf/Myers_WallStreetJournal050707.pdf
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