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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Michael Sphar who wrote (6272)10/27/2002 12:31:44 AM
From: Elroy JetsonRead Replies (2) of 306849
 
Either you or the local Assessor's Office do not understand the details of California Prop 13.

If you purchase a home for $290k which then declines in value to $210k, you can apply for a temporary reduction in assessed value.
Your Prop 13 basis is still $290k per year plus annual increases.

Once your home increases in value, the assessed value can rise, dollar for dollar, until your assessed value is restored to your Prop 13 basis with adjustments.

The only way to maintain a low value is like Governor Gray Davis and his wife did. They purchased their Condo in West Hollywood in 1993, near the bottom of the market, for a very low cost. All annual property tax increases are based on this low valuation. For further savings down the road, they took ownership in the name of his Wife's Trust.
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