aquabliss said:Short answer: Yes, it will be based on $1M sale price for the next tax collection. Assuming $1M is the newly assessed value. Your new tax base will be calculated from the new property assessed value at purchase.https://www.ocgov.com/gov/assessor/realproperty/buying#expect
Kick53rv3 said:aquabliss said:Short answer: Yes, it will be based on $1M sale price for the next tax collection. Assuming $1M is the newly assessed value. Your new tax base will be calculated from the new property assessed value at purchase.https://www.ocgov.com/gov/assessor/realproperty/buying#expect
Follow up question: are all houses evaluated individually? As in my neighbor that bought 5 years ago will be evaluated with his purchase price of 700k while mine at 1M will be evaluated at 1m? Or is the whole neighborhood gets evaluated at some kind of average?
CLB_srA said:are there creative ways or loopholes to assume ownerbuy/buy a house without paying the increased prop tax?
CLB_srA said:are there creative ways or loopholes to assume ownerbuy/buy a house without paying the increased prop tax?
zubs said:I thought prop 19 which passed in NOV 2020 makes inheritor have to pay market value on property taxes.
Or is that only for investment properties?