Posted by Clay on April 19, 2011 at 21:39:59:
Meant to write “loan amount is approximately equal to the market value”
Get a prop 13 assessment at today’s values - Posted by Clay
Posted by Clay on April 19, 2011 at 20:40:53:
Hi,
My house is worth considerably less now than when I bought it in 2006 in Santa Clara county, CA, an expensive market. At the moment my taxes are based on current market value due to a temporary adjustment. If/when the market recovers my taxes will rise just as fast with no 2%/year prop 13 protection compared to my tax liability if I bought my current house at today’s prices.
Would I really need to sell my house and buy the identical one next door to ‘lock in’ today’s prop 13 tax liability? Is there anything I can do, for example, during the process of a refinance to make it a ‘sale’ and re-record with the county assessor at today’s fair market value? Just as an example, let’s say my wife’s business were to purchase the house. Or my brother-in-law. Surely I have the right to conduct a sale or other real estate transaction. Not talking fraud here, just fair market value.
I would like to live here for awhile, but the large tax liability could make the long-term prospects not economic.
Regards,
Clay
PS - my loan amount is approximately equal to the mortgage, thanks to a down payment from my last house. Some added cash would allow a re-fi.