patrick.net
An Antidote to Corporate Media
1,266,714 comments by 15,147 users - Blue, Patrick online now
invite responseComments 1 - 8 of 8 Search these comments
1
clambo
2021 May 26, 7:38pm
Boy do I not know what you can do.
But I’m sympathetic to your problem.
Kinda sucks getting fucked over by a local government doesn’t it?
But I’m sympathetic to your problem.
Kinda sucks getting fucked over by a local government doesn’t it?
2
B.A.C.A.H.
2021 May 26, 8:07pm
B.A.C.A.H.
2021 May 26, 8:07pm
BayArea says
Guaranteed by law to increase 2%, per year from the new higher basis.
It's insane.
my property was assessed 11% higher than the selling price.HunterTits says
you might run the risk of them deciding on a HIGHER one out of that, I think.
Guaranteed by law to increase 2%, per year from the new higher basis.
It's insane.
3
ForcedTQ
2021 May 26, 9:51pm
B.A.C.A.H. says
Actually, due to Prop 13, it’s guaranteed to increase at a MAXIMUM of 2%/YR; and only if the market justifies the increase. During 2008-2012 there were actual retractions in assessed values if you had purchased in the 2003-2006 timeframe and you have to file an assessment revision request with your county to realize the lower taxes that you should owe.
BayArea saysmy property was assessed 11% higher than the selling price.HunterTits saysyou might run the risk of them deciding on a HIGHER one out of that, I think.
Guaranteed by law to increase 2%, per year from the new higher basis.
It's insane.
Actually, due to Prop 13, it’s guaranteed to increase at a MAXIMUM of 2%/YR; and only if the market justifies the increase. During 2008-2012 there were actual retractions in assessed values if you had purchased in the 2003-2006 timeframe and you have to file an assessment revision request with your county to realize the lower taxes that you should owe.
5
RWSGFY
2021 May 26, 10:07pm
RWSGFY
2021 May 26, 10:07pm
ForcedTQ says
Yep, one of my co-workers got his tax reduced.
During 2008-2012 there were actual retractions in assessed values if you had purchased in the 2003-2006 timeframe and you have to file an assessment revision request with your county to realize the lower taxes that you should owe.
Yep, one of my co-workers got his tax reduced.
6
BayArea
2021 May 27, 4:51am
BayArea
2021 May 27, 4:51am
Thanks for all the replies.
How much time do they legally have to assess from the time of purchase?
The house is worth much more today than at my time of purchase. This is the part I don’t understand.
I didn’t buy a renovated house. I bought a fixer and renovated.
How much time do they legally have to assess from the time of purchase?
The house is worth much more today than at my time of purchase. This is the part I don’t understand.
I didn’t buy a renovated house. I bought a fixer and renovated.
7
B.A.C.A.H.
2021 May 27, 6:49am
B.A.C.A.H.
2021 May 27, 6:49am
ForcedTQ says
Yeah I remembered about that.
I seem to recall also there's a catchup provision so they can reassess to a compounded 2% per year from the original assessment when the market "corrects" back up, creating a sort of a windfall.
Actually, due to Prop 13, it’s guaranteed to increase at a MAXIMUM of 2%/YR; and only if the market justifies the increase. During 2008-2012 there were actual retractions in assessed values if you had purchased in the 2003-2006 timeframe and you have to file an assessment revision request with your county to realize the lower taxes that you should owe.
Yeah I remembered about that.
I seem to recall also there's a catchup provision so they can reassess to a compounded 2% per year from the original assessment when the market "corrects" back up, creating a sort of a windfall.
8
EBGuy
2021 May 27, 1:08pm
This is from the Alameda County Assessor:
In general, what is considered assessable (taxable) new construction?
...
5. Rehabilitation, renovation, or modernization that converts an improvement to the substantial equivalent of a new improvement;
Did you pull permits? Was the amount spent more than the 11% increase?
In general, what is considered assessable (taxable) new construction?
...
5. Rehabilitation, renovation, or modernization that converts an improvement to the substantial equivalent of a new improvement;
Did you pull permits? Was the amount spent more than the 11% increase?
I’m hoping some of you RE experts can help chime in and provide some guidance on the following situation.
I purchased a home in the Bay Area back in Dec 2020. It was a fixer upper that needed a lot of work, both interior and exterior. The home was in a great city, great neighborhood, and great school district, so I took a chance and was fortunate to have my offer accepted.
I spent 2 full months renovating, and moved in one the third month of ownership. I spent 6-figures on the renovation.
The county assessor came by a couple weeks ago to assess the property. I wasn’t home at the time and my wife asked them to come back at another time.
They never came back and this week I received a letter from the county assessor saying that my property was assessed 11% higher than the selling price.
I’m trying to wrap my head around this. It seems criminal. They assessed 5-mo after my home purchase, after renovation, and after 5-mo time we have been in aggressive housing ramp.
I need to fight back on this. I’m just starting to research but wanted to first check with the experts on PatNet for any recommendations or guidance. Please help, thank you.