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: David Jones who wrote (13601)	9/10/2003 9:11:47 PM
From: Elroy Jetson	Read Replies (1) of 306849

Regarding home assessments lowered: I don't know if there was a court case, although I assume there might have been. I can tell you my business partner had the property tax assessment on his apartment buildings and home lowered $3.6 million (about 50%) back in 1996. His current assessment under Prop 13 for these properties is over $8 million just like the lowered assessment never happened. He would have obtained a lower permanent basis only by selling the properties in 1996 and buying similar properties at that time. At the time he told me he had good news and bad news. He said the good news was he got his taxes cut in half at the assessor's hearing - I told him I knew what the bad news was. Of course now he's getting his asset value reduced by 50% again by going through a divorce.

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