Home prices

[Skud]

Record 18% drop. Does that mean property taxes will go down 18%?

http://money.cnn.com/2008/12/30/real...ion=2008123009

[Duke{CLR}]

Record 18% drop. Does that mean property taxes will go down 18%?

http://money.cnn.com/2008/12/30/real...ion=2008123009

I wouldn't count on it once they get money coming in they. I wish the values would drop here but they are only flat. The wife and I would love to try to sell our unique property and move into another home instead of putting an addition on.

[Hammy]

In cali- the house price is tied to the tax rate.

If I owned, I'd pay the money for the assessment and write off the loss and get my new tax rate.

I think you can only do this once every ten years though - you will need to look into this if you live in California. They change the rules constantly out here, so for all I know, they wrote this one out of the book.

[mapes]

In cali- the house price is tied to the tax rate.

If I owned, I'd pay the money for the assessment and write off the loss and get my new tax rate.

I think you can only do this once every ten years though - you will need to look into this if you live in California. They change the rules constantly out here, so for all I know, they wrote this one out of the book.

In Santa Cruz county they only re asses after a sale. Transfer between parents and children as was my case is exempt from reassessment.

Please don't get the wrong idea. I'm no spoiled child. My folks didn't buy my place. They were 20% owners and I had to buy em out at 20% of current market value (ouch). Which was not cheap. In any event property taxes are income tax deductible. So I would expect to save on it but, prolly not that much.

[Reconsnipe1]

Where do you live in Cali Hammy?

Im near Sanfrancisco.

[JohnyRico]

Great time to buy if you can get a loan. In ten years you could be saying "I only paid x and got a x% interest rate!"

[mapes]

Where do you live in Cali Hammy?

Im near Sanfrancisco.

Recon where you at man....I'm in Santa Cruz

[{CLR}geneSW]

Great time to buy if you can get a loan. In ten years you could be saying "I only paid x and got a x% interest rate!"

Wish I could out here in AZ.... home, brand new, 1500sq ft (roughly) for $150,000... model home at that, most come with some "upgrades". The possibility of moving in 2 years though makes it a high risk still.

[Hammy]

Where do you live in Cali Hammy?

Im near Sanfrancisco.

Dude- you, me and Mapes are neighbors.

I'm now on the San Mateo peninsula.