The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Jim McMannis who wrote (12792)	8/21/2003 12:13:17 AM
From: GraceZ	Read Replies (1) of 306849

CA properties change hands as frequently as other high demand areas and a lot more frequently than properties in some other states with lower real estate price inflation. One could say more frequently because of the price inflation. We have similar tax measures here and a far lower rate of real estate inflation (although real estate price inflation is quite high in areas close to DC). I didn't realize it until I started asking people about their property tax bills. Your assessment is reset by the sales price and there is a limitation on how much you can be reassessed yearly unless you make significant improvements. The limitation is right around the same rate it is limited in CA but it started at a much lower level to begin with. My taxes went from 1750 to 2200 in ten years, a 25% rise, while the sale price I could get for the house almost doubled. Interestingly enough, the houses I own in the city had property tax increases at around the same rate even when the houses were losing value. At one point in the 90s my old neighborhood association went to tax court and got the whole neighborhood assessed lower. That was a first, a property tax bill that was lower.

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