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California does not have low property taxes. Tax = rate * assessed_value. assessed_value is huge if you purchased during last 7 years and goes up 2% every year
by option 7y ago
California does not have low property taxes. Tax = rate * assessed_value. assessed_value is huge if you purchased during last 7 years and goes up 2% every year
- almost_usual 7y agoPurchased in the last 7 years is pretty recent. Most home owners bought 15+ years ago. If you're buying within the last decade you're probably paying a transplant premium.
- mktmkr 7y agoFrom 1985 to 2008 the median tenure of a family in a home was 6 years. This figure only started going up in recent years, due to housing crisis. Americans have traditionally expected to move house 8-9 times in their adult life. It is certainly not true that "most" people have tenure of 15 years or more. That is the 90th percentile tenure.
- wahern 7y agoAFAICT those are the national figures from a National Association of Realtors (NAR) report. I can't find figures for California. EDIT: The closest I could find was an ambiguous stat in a CNN article, https://money.cnn.com/2017/04/27/real_estate/home-prices-sellers-market/index.html https://money.cnn.com/2017/04/27/real_estate/home-prices-sel..., which cites an average of a little over 4 years (2000-20007) that might be for San Jose. However, there's wording that suggests such figures are computed from the tenure of sellers, not across all homeowners, in which case the statistic seem useless (imagine one guy selling every two years and nobody else--that would be a 2-year tenture average but in fact nobody but him is moving). Would nice if the NAR report was freely available.