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>> Prop 13 property taxes reset on sales ... and property turnover rates in California are generally in excess of 10%. What that means is that pretty much all o
by sib 3y ago
>> Prop 13 property taxes reset on sales ... and property turnover rates in California are generally in excess of 10%. What that means is that pretty much all of the taxes are reset every 10 years or so
That would be assuming certain things, among which would be that if 10% of properties sell every year, there is a consistent 10% chance of a given property selling each year.
What I can tell you from looking at the data on all the houses in the neighborhood in which we bought our home in 2019 is that the vast majority of them had been last purchased more than 20 years earlier (and quite a few more than 30).
Given the significant economic incentives created by Prop 13, houses in appreciating areas should be less likely to turn over than ones in areas where values are relatively stable.
- josephjrobison 3y agoIn some (or all?) counties, if you move to another house in the same county you can keep your original tax base. Transferring a Principal Residence Value within a County “Proposition 60 (Revenue and Taxation Code 69.5) Property owners of at least 55 years of age may transfer the base year value of their principal residence to a replacement principal residence. The replacement must be of equal or lesser current market value and located within the same county. Sacramento County does not allow base year transfers from other counties.” https://assessor.saccounty.net/LowerMyTaxes/BaseYearValueTransfers/Pages/default.aspx https://assessor.saccounty.net/LowerMyTaxes/BaseYearValueTra...
- ChuckMcM 3y agoAs of 2023 this is true any county to any county. What they took away was being able to inherit the tax base on rental properties.
- josephjrobison 3y agoGreat addition thanks!