3 ms·
I thought Prop 13 no longer applies to current purchases? If you own a house under prop 13 it’s under way low property tax, but if you sell it, it get reassess
by vondur 5y ago
I thought Prop 13 no longer applies to current purchases? If you own a house under prop 13 it’s under way low property tax, but if you sell it, it get reassessed at the new current value. Is this not the case? When we purchased our house years ago the taxes weren’t cheap and we had to pay the additional Melli-Roos tax.
- thebradbain 5y agoProp 13 still applies (though I personally think it inflates home prices in CA above their "true" market value and disincentivizes anyone from selling/moving). When I bought my home this year, it got re-assessed at my purchase price, yes. But for as long as Prop 13 is the law of the land, no matter how much home prices in CA inflate, my property tax is more or less capped at the price I paid for the house.
- muzz 5y ago> though I personally think it inflates home prices in CA above their "true" market value and disincentivizes anyone from selling/moving Exactly. And this is important for potential homeowners to understand. It is one of the things that makes California real estate so attractive. One has to view their house as an investment, not just a place to live.