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Hey guys. Just an update. I got a job offer in another state and I accepted it. I start on 4/24. My uncle said that I should rent it out but I decided to sell my home, collect a nice gain--tax free, and sit on it. If I want to buy in my new state, I can buy a house over there with the cash I made on the sale of my home. If I want to come back to sacramento, I can take my gain as a downpayment and take out a small mortgage for the rest. And no, I didn't get the state job, but how that played out actually inspired my decision to leave.
Hey guys. Just an update. I got a job offer in another state and I accepted it. I start on 4/24. My uncle said that I should rent it out but I decided to sell my home, collect a nice gain--tax free, and sit on it. If I want to buy in my new state, I can buy a house over there with the cash I made on the sale of my home. If I want to come back to sacramento, I can take my gain as a downpayment and take out a small mortgage for the rest. And no, I didn't get the state job, but how that played out actually inspired my decision to leave.
Good decision on both selling and your decision regarding employment. What state did you decide to move to, out of curiousity.
Good decision on both selling and your decision regarding employment. What state did you decide to move to, out of curiousity.
Good ol Arizona!
Thank you. I had a god 5-6 to think about my decision and I decision didn't change. Even though I was extremely pissed with my property tax situation, I actually went out there and fell in love with it. I honestly feel like I maximized my growth here.
The situation:
I am sick and tired of california's politics and increased COL; however, everything I have belongs in California; my house, my family (or at least what's left of them) and my dearest friends. I feel like if I do move, then I would go to a place where I am all alone. However, I am getting priced out in California. For example, my property tax bill came and it's 5 percent higher than it was last year. (and I pay roughly 6.5k a year) And if Trump's tax plans goes through, then I wouldn't be able to write off any taxes paid.
I do have enough equity to sell my house and buy a bigger place in another state; however, that means to pack up my things and leave the people I love dearly. I don't have a wife nor kids so that's a plus. However, it would be hard for me to leave. I think I am very close to getting hired on with the State of California. (well they're checking my references) If I do get this job, then chances of me staying significantly increases. I am also perusing my CPA license so I got to check the Board of other states with regards to transfer elgibility. (this is my last semester of schooling)
If I do decide to leave my house, would it be better to sell it now or rent it out? I heard some HORRIBLE stories about people renting out their houses and California seems that it favors tenants over the landlord. But I am sitting on a cash cow so should I sell now and get the money or should i gamble and rent it out? I do live in a nice area in Elk Grove and it's very quiet, very good schools, a very big recreational park but the taxes alone are very steep. Nevertheless, I am happy where I'm at but the cost/benefit gap is getting smaller to favor me staying.
There's so many changes/opportunities that I cannot process it right now.
Don't leave California and all your dearest friends. You will regret it.
I, too, am very angry with Trump's punishment of Californians by curtailing write offs for the amounts we have been able to write off before; however, within California we have Proposition 13, and that limits property tax increases to 2% per year, unless you have done something to your property to increase its value above what it was, such as remodeling (not just a roof repair, for example), but adding a pool, adding a built-in outdoor kitchen, adding square footage, etc.
If you have done nothing like that and your property tax bill reflects a greater than 2% increase in the property tax portion (not counting special assessments forced on you by the passage of bonds or other special assessments which are above and beyond the property tax increase portion of your bill), you should appeal your property tax assessment to the County Assessor and you will win your case.
My guess is that you are seeing something else on your bill which brings the total percent higher than the actual property tax assessment itself.
Subtract any special assessments or HOA fees, garbage/water/recycling that might be included, school bonds, etc. and using just the figure from the original house price paid by you and multiplying that figure by 2% per year, you should see what the maximum property tax should be. By law it cannot go up more than 2% per year.
From El Dorado County website:
"Under Proposition 13, the base year value for real property is appraised only when:
A change in ownership occurs; or
New construction is completed
Construction in progress and assessments lowered due to market declines are appraised each lien date January 1st (See Proposition 8)
Base year assessments cannot be increased by more than 2% annually..."
Last edited by SFBayBoomer; 03-30-2018 at 08:28 PM..
Thank you. I had a god 5-6 to think about my decision and I decision didn't change. Even though I was extremely pissed with my property tax situation, I actually went out there and fell in love with it. I honestly feel like I maximized my growth here.
I think you wade a wise decision avoiding the state worker life. It is where people who have literally given up on accomplishing things go. They go for flexibility, family and benefits. People who want more out a career lose that enthusiasm fairly quickly in the state. The environment just breeds complacency and mediocrity. You seem young enough that you actually want to live life though and make your own way. Good for you.
Arizona seems like a cool place. Good luck to you!
I think you wade a wise decision avoiding the state worker life. It is where people who have literally given up on accomplishing things go. They go for flexibility, family and benefits. People who want more out a career lose that enthusiasm fairly quickly in the state. The environment just breeds complacency and mediocrity. You seem young enough that you actually want to live life though and make your own way. Good for you.
Arizona seems like a cool place. Good luck to you!
Someone said the exact same thing in another thread and I had to go back to make sure it wasn't you. lol. Everyone i know wants to be in the state. It's like the cool kids club.
Don't leave California and all your dearest friends. You will regret it.
I, too, am very angry with Trump's punishment of Californians by curtailing write offs for the amounts we have been able to write off before; however, within California we have Proposition 13, and that limits property tax increases to 2% per year, unless you have done something to your property to increase its value above what it was, such as remodeling (not just a roof repair, for example), but adding a pool, adding a built-in outdoor kitchen, adding square footage, etc.
If you have done nothing like that and your property tax bill reflects a greater than 2% increase in the property tax portion (not counting special assessments forced on you by the passage of bonds or other special assessments which are above and beyond the property tax increase portion of your bill), you should appeal your property tax assessment to the County Assessor and you will win your case.
My guess is that you are seeing something else on your bill which brings the total percent higher than the actual property tax assessment itself.
Subtract any special assessments or HOA fees, garbage/water/recycling that might be included, school bonds, etc. and using just the figure from the original house price paid by you and multiplying that figure by 2% per year, you should see what the maximum property tax should be. By law it cannot go up more than 2% per year.
From El Dorado County website:
"Under Proposition 13, the base year value for real property is appraised only when:
A change in ownership occurs; or
New construction is completed
Construction in progress and assessments lowered due to market declines are appraised each lien date January 1st (See Proposition 8)
Base year assessments cannot be increased by more than 2% annually..."
I did question them about this. They assessed the additional increase on the mello roos side. They said the increase was for light maintenance/improvement/repairs that had to be done in 2016. Not only i did recognize the 2 percent assessed increase but my mello roos portion saw that light repair increase. All of my neighbors that i talked to saw the exact same increase.
But I love my friends out here. I told my brother-from-another-mother that I'm leaving and my heart broke. I have to break the news to the rest of his family later today and I'm not looking forward to it. Trust me, i am pretty sad about leaving BUT I am very career/goal oriented and I had only **** jobs in sacramento. For some reason, I couldn't get ahead in this state. In Arizona, they have plethora of jobs and a huge opportunity for growth. I can use my skills, education, and desire to advance my career.
Someone said the exact same thing in another thread and I had to go back to make sure it wasn't you. lol. Everyone i know wants to be in the state. It's like the cool kids club.
Oh no, wasn't me. I've probably made 1 or 2 comments on that subject in the 5 years or however it's been that I've posted on CityData. It's a true statement though. How you view it really depends on where you are at in life. If you are coming from an overtaxed corporate life, are a bit older and want security, flexibility and less stress, then I am sure it is great. For people just starting their careers who really want to builda career of any kind and have aspirations towards going somewhere in that career, I'd say maybe work for the state to start for a couple of years and then get out. It's not a place where anyone ever challenges themselves or others. And if you do you'll be ostracized pretty quick. Sounds bizarre but it's 100% true.
I did question them about this. They assessed the additional increase on the mello roos side. They said the increase was for light maintenance/improvement/repairs that had to be done in 2016. Not only i did recognize the 2 percent assessed increase but my mello roos portion saw that light repair increase. All of my neighbors that i talked to saw the exact same increase.
That's because Mello-Roos is a parcel tax that circumvents Proposition 13 (which limits property taxes based on the assessed value of real property) because it is not levied on the assessed value of real property.
The Act allows any county, city, special district, school district or joint powers authority to establish a Mello-Roos Community Facilities District (a “CFD”) which allows for financing of public improvements and services. The services and improvements that Mello-Roos CFDs can finance include streets, sewer systems and other basic infrastructure, police protection, fire protection, ambulance services, schools, parks, libraries, museums and other cultural facilities. By law, the CFD is also entitled to recover expenses needed to form the CFD and administer the annual special taxes and bonded debt."
Don't buy where there is Mello-Roos, and don't vote it in!
A Mello Roos District has the legal right to adopt stringent penalties and foreclosure priorities; in the event that the special tax payment is delinquent. Also, if the “special tax” is not paid, the District may exercise its legal right to foreclose and sell the property. Foreclosure rights can be initiated after 150-180 days in arrears.
That's because Mello-Roos is a parcel tax that circumvents Proposition 13 (which limits property taxes based on the assessed value of real property) because it is not levied on the assessed value of real property.
The Act allows any county, city, special district, school district or joint powers authority to establish a Mello-Roos Community Facilities District (a “CFD”) which allows for financing of public improvements and services. The services and improvements that Mello-Roos CFDs can finance include streets, sewer systems and other basic infrastructure, police protection, fire protection, ambulance services, schools, parks, libraries, museums and other cultural facilities. By law, the CFD is also entitled to recover expenses needed to form the CFD and administer the annual special taxes and bonded debt."
Don't buy where there is Mello-Roos, and don't vote it in!
A Mello Roos District has the legal right to adopt stringent penalties and foreclosure priorities; in the event that the special tax payment is delinquent. Also, if the “special tax” is not paid, the District may exercise its legal right to foreclose and sell the property. Foreclosure rights can be initiated after 150-180 days in arrears.
Yea I didn't realize that mello roos was ****ty until after I bought the house. They are taking advantage of people here and most people just take it. One of my friends said, "what are we going to do? We will just have to pay it." Luckily I'm young and I don't have a family so I can move without "consequences"
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