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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: The Wharf who wrote (30819)5/6/2005 8:14:44 PM
From: kikogreyRead Replies (1) | Respond to of 306849
 
You bring up a valid point about the property taxes. My SIL tells me that houses go on the market for 1 million and then the bidding war begins and they usually go for maybe $1.4. For those of you not familiar with Los Angeles these are not what you think of as "million dollar" type houses. So their property tax would be based on the $1.4. What happens if the house declines 30% from the 1 million, you still have to pay tax on the $1.4.


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