5 ms·
In California, real property is only reassessed at market value when it is sold or transferred. So property taxes won't increase on long-time residents who don'
by uiri 11y ago
In California, real property is only reassessed at market value when it is sold or transferred. So property taxes won't increase on long-time residents who don't move. Rent control is, I believe, intended to provide the same effect for long-time residents who rent instead of own. I agree that increases in other components of the cost of living of an area can have the same effect though.
- sulam 11y agoIt's also reassessed if you improve it in any substantial way. My property taxes doubled after a remodel. Some of that was the remodel, but roughly half was due to prices in the neighborhood going up since my wife and I originally bought the house. In my case we can afford these extra taxes, but I can easily imagine that in other circumstances this would be difficult. The alternative is doing work without permits, which comes with other risks.
- 1812Overture 11y agoYou got permits for your remodel? Everyone else I know in California does it on the dl and doesn't tell the city for this reason(and many others).
- sulam 11y agoWe built up, no way to avoid it. People get caught in our neighborhood unless they're keeping it way under the radar.