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Old 02-18-2013, 08:15 PM
 
28,115 posts, read 63,687,353 times
Reputation: 23268

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Quote:
Originally Posted by bhcompy View Post
Your assumption is a bit off. There is a limit to how far it can raise, but not how far it can fall. If your home loses 50% value one year and then goes up 100% next year, you're capped based on that low value. If they won't reassess, sue them. That's their job.

Also, in 30 years when you're still in Oakland your property tax will be low compared to the newbies.
Before suit can be brought, a formal appeal must be filed and then a determination made... if I do not agree with the determination... yes, I can file a lawsuit.

The kicker is the county has 2 years once the appeal is filed to make a determination and during that time the tax bill must be paid in full as billed...

Also, the appeal is only good for a single calender year and must be refiled every year there is a disagreement on value.

In a perfect world, the county assessor would be like others and take a pro-active approach...

The reality is the longer the county can delay the more time there is for finances to improve... I am fully confident I will get my reduction... however, I am aware I have no control over the time table...

My other comment is my basis will forever be tied to my purchase price unless there are improvements which raise my basis.

So my purchase price and basis on December 31, 2004, the day Escrow closed is 598k.

The young family that bought a nicer home than mine in 2010 for $430k on my street will forever have their bases of 430k barring improvements...

If property values increase... the new family will see 2% annual increases to their base starting at 430k...

The smart thing for me to have done would have been to sell and take a loss and buy that nicer home up the street at 430k... I would forever lock in a lower assessment of $168k comparing the two...

Yes... in 30 years I fully intend to be one of the seasoned citizens enjoying modest taxes...
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Old 02-18-2013, 09:01 PM
 
Location: So Ca
26,739 posts, read 26,828,098 times
Reputation: 24795
Quote:
Originally Posted by Linmora View Post
Come to NJ and you will all be in for a treat. Paying 13k on a house assessed at $296k. And we aren't even in a great district. Very depressing.
My aunt pays over 20K in property taxes for her home in an Illinois suburb. I don't know how people afford it!
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Old 02-19-2013, 09:54 PM
 
Location: Maui County, HI
4,131 posts, read 7,445,907 times
Reputation: 3391
Quote:
Originally Posted by timtemtym View Post
Yep, it was in Clear Lake City. They sold it a few months back for 135 and had multiple offers. Clear Lake isn't Katy and the NASA crash has left its mark on the market. It doesn't have the energy corridor pumping out jobs. They moved to a new development in Pearland and paid 205.
Clear Lake is an awful place... If you're going to compare, you have to compare to somewhere similarly depressing in California.
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Old 02-19-2013, 10:55 PM
 
11,715 posts, read 40,458,848 times
Reputation: 7586
Quote:
Originally Posted by winkosmosis View Post
Clear Lake is an awful place... If you're going to compare, you have to compare to somewhere similarly depressing in California.
How so? Is that your opinion or is it a ghetto?
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Old 03-12-2013, 10:55 AM
 
Location: So Cal
110 posts, read 236,881 times
Reputation: 39
Quote:
Originally Posted by imaterry78259 View Post
There are some homes in coastal LA real estate values should be expensive and other locales as well. The other areas are just dumps- Lynwood, Downey, San Marino in comparsion to the housing stock in Texas cities, I can't believe the realtors sell that crap for the price or people dumb enough to buy them.
i wouldn't put downey in your spectrum of being a dump. it is one of the better cities of its surrounding areas.
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Old 03-12-2013, 08:51 PM
 
Location: OC/LA
3,830 posts, read 4,664,938 times
Reputation: 2214
First time I've seen San Marino described as a dump. Guess you learn something new every day!
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Old 03-13-2013, 01:26 AM
 
Location: Murrieta California
3,038 posts, read 4,777,870 times
Reputation: 2315
Quote:
Originally Posted by HyperionGap View Post
First time I've seen San Marino described as a dump. Guess you learn something new every day!
That is a good one. It is hard to call a place a dump that has a median household income of $141,000.
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