CA real estate market and property taxes...

[Leejai]

Originally posted by: jadinolf
Maybe I missed it here but in CA property tax is based on "Assessed Valuation" which is not what the house would sell for. My home is assessed for $99,237 but if you would like to buy it you'd better bring a check for over half a million. Now because I live in this house, I get a homeowner's exemption of $7,000 off the assessed valuation.
My taxes are $1.433.10.

Now, the poor family that buys this house after I am done with it will pay taxes based on the selling price.

We have lots of incentive not to move.

lol...that's great...it's like my grandmother's place....she bought it (2 level unit in North Beach area of SF) for $82k in 1976...it's completely paid off, and 2 of the 3 units are being rented for 2k each...(she's living in the 3rd)......

what sux is she's 97, so when it goes testate, my dad, uncles, and aunts will have to pay ALOT in cap gains tax....

unfortunately, while it does sound wiser to just keep the place since it has positive cash flow, that's unlikely to happen....(each flat now sells for ~800-900k)

 

[jadinolf]

Originally posted by: Leejai

Originally posted by: jadinolf
Maybe I missed it here but in CA property tax is based on "Assessed Valuation" which is not what the house would sell for. My home is assessed for $99,237 but if you would like to buy it you'd better bring a check for over half a million. Now because I live in this house, I get a homeowner's exemption of $7,000 off the assessed valuation.
My taxes are $1.433.10.

Now, the poor family that buys this house after I am done with it will pay taxes based on the selling price.

We have lots of incentive not to move.

lol...that's great...it's like my grandmother's place....she bought it (2 level unit in North Beach area of SF) for $82k in 1976...it's completely paid off, and 2 of the 3 units are being rented for 2k each...(she's living in the 3rd)......

what sux is she's 97, so when it goes testate, my dad, uncles, and aunts will have to pay ALOT in cap gains tax....

unfortunately, while it does sound wiser to just keep the place since it has positive cash flow, that's unlikely to happen....(each flat now sells for ~800-900k)

I would love to be a fly on the wall when my kid goes to pay the inheritance tax on this place after I'm gone.

 

[FlyLice]

California State Income tax top rate = 9.3% (poor chump making $39,133 is the HIGH tax bracket. To give you some perspective Illinois is 3% flat, Mass is 5.3% flat, Nevada has no state income tax, Arizona 2.87-5.04% top rate at $150,000, Texas NH TN SD WA WY NO STATE INCOME TAX))

Sales tax = 8.25% (Los Angeles)

Regulation and taxes up the wazoo.

NO WE DON'T NEED TO INCREASE PROPERTY TAXES CONSIDERING HOUSES HERE COST A GAZILLION DOLLARS THXDIAFBBQBYE

 

[FlyLice]

Liberals plz move out of CA conservatives plz move in so we can vote out legislature and cut the govt in half thx.

 

[ITJunkie]

Originally posted by: Demon-Xanth
IT: $250,000 home is a 900 square foot house in a lower income area around Sacramento. This rate is unchanged for approximately 50-100 miles around major cities.

Thanks for the info Demon. I had a feeling this might be the case, though it looks like others are managing to find housing in decent areas.

 

[dquan97]

I just purchased a 1K sq ft condo in the center of Sacramento (Sac State area) for $225K+$190 association fees/month. Decent area to live in and I take nightly walks home without being afraid