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What will my tax bill be?
As many people know, forclosures in the USA are at unbelievable numbers right now, and I have the opportunity to pick up a house that is worth 700,000 dollars for about 40,000. Traditionally, tax bills from the city are based on the purchase price of the house, but I was told that it would be based on the value of the house, which goes against California Prop 13. Anyone know anything about this?
2 Answers
- Michael CLv 51 decade agoFavorite Answer
As I understand Prop.13 It is tied to the value of the home when there is a NEW owner. So let's say you get house worth 700,000 and in five years it is a million. You will still pay on 700,000. If you sell it the NEW owner will pay based on a million.
- morrisLv 51 decade ago
I think you should take a closer look at the process of buying repo or tax lien homes. Many people are in this for investment porpose. My experience tells me that you will never get a $700,000 home for $40,000. But yes, the tax bill is tied to sale price after a recent sale. It will be adjusted to fair value later.
