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Because of the infamous prop 13, commercial real estate taxes in California are in practice capped at 1980s valuations.
by srockets 2y ago
Because of the infamous prop 13, commercial real estate taxes in California are in practice capped at 1980s valuations.
- toast0 2y agoA foreclosure auction is an ownership transfer that triggers a reappraisal. So this building will likely see a big jump (unless it had an uncapled appraisal recently). Most likely the appraised value will be more than the foreclosure sale price, as a foreclosure sale doesn't meet the free market value conditions. The sale was forced, and buyers don't have time to complete due dilligence between the announcement and the sale.