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This is simply a move by the seller, who is also the buyer, to reassess the property tax at the lower base price. Don't try this with your home or the IRS will
by primitivesuave 2y ago
This is simply a move by the seller, who is also the buyer, to reassess the property tax at the lower base price. Don't try this with your home or the IRS will come after you.
- nolongerthere 2y agoIRS or your county assessor? Does the IRS have anything to do with property taxes?
- danans 2y ago> Does the IRS have anything to do with property taxes? No, but if the bank somehow tries to claim an investment loss (perhaps by acquiring the middleman along with its losses) then the IRS would probably scrutinize.
- abruzzi 2y agodon't know about CA but where I live, sale price has nothing to do with assessed value and therefore property tax. Sure, if everyone was selling their property for 10 cents on the dollar that could cause a decrease in assessed value, but assessed value is based on proprty value not a specific sale price. (I work for county government and have a significant experience in how the assessor process works.)