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Pastimes : NNBM - SI Branch -- Ignore unavailable to you. Want to Upgrade?

To: Clappy who wrote (45045)	7/12/2005 12:50:26 PM
From: Wharf Rat	Respond to of 104160

The story starts one day when some guy drove by their house, and offered them 400K. Out of the blue. They ended up selling it for 500K. For this piece, they put 400K of it down. The owner is financing it, 18 months with a balloon. It's hard to get financing on raw land, so this is fairly common practice. When the house goes up, the bank will finance it, so they will get a regular mortgage. I haven't asked them rates :>) At that point, I'm sure it will be worth over a mil. Left in the dust of the net wealth race by my kids. But, property taxes. This is under the Williamson Act, California law to help maintain rural openspace. Tax is $1/acre. With a house, they look at the value of the house and the acre surrounding it, so that part gets taxed at the normal rate, ?2% of appraised value, and can be increased 1%/year max.