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California property taxes at time of purchase

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Icon Mini Profile michelly67





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Post Posted: Sat Nov 15, 2008 12:44 pm    Post subject: California property taxes at time of purchase
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I am a lender in Texas and our FHA guidlines state that we must base taxes on prior asessed value not the new purchase price. I am getting conflicting information from California agents. The partuicular home in question is in California.
Icon Mini Profile jerry
jerry
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Post Posted: Mon Nov 17, 2008 3:01 am    Post subject:
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Hi michelly!

As far as I know property taxes are assessed upon the market value of the property. But many a times we can find that market value and sale price are same. In that case, we can say that the taxes are assessed on the sale price.

Thanks,

Jerry
Icon Mini Profile jheard
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Post Posted: Mon Nov 17, 2008 7:54 am    Post subject:
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Property taxes are always based on the tax assessor's value.
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Disclaimer: This is not legal advice and I am not your lawyer. The information provided in this forum is for discussion purposes only, and is no substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation.
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Post Posted: Mon Nov 17, 2008 8:18 am    Post subject:
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This probably has to do with Prop 13 which ties the property tax to purchase price instead of current market value, in other words the purchase with trigger a re-assessment.
Icon Mini Profile jheard
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Post Posted: Wed Nov 19, 2008 8:55 am    Post subject:
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Prop 13 limits California property tax to 1% of assessed value. Property is reassessed when the property interest is transferred, except for certain transfers. The reassessment is based on many factors and is not necessarily the purchase price, market value, or appraisal value.
_________________
Disclaimer: This is not legal advice and I am not your lawyer. The information provided in this forum is for discussion purposes only, and is no substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation.
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