Fernando
Elite Member
- Joined
- Nov 7, 2016
- Professional Status
- Certified Residential Appraiser
- State
- California
CA despite having high state tax has Prop 13 which saves tens of thousands in taxes.
I'm looking at this listing asking $2,400,000 and will have multiple offers.
Current owner has owned property for long time and paying only $4,000 in real estate taxes which is like 0.17%.
New buyer at $2,400,000 would pay at least $24,000 in real estate taxes.
For my house, I'm paying 3X less than if at "market". Would I save tens of thousands of dollars moving to a no State tax?
For long time homeowners (old people), they pay less than the young new buyers who carry heavier share of real estate burden.
I like to think that Prop 13 is important reason for increase home prices in CA.
You have to make a lot of money to buy a nice home here.
I'm looking at this listing asking $2,400,000 and will have multiple offers.
Current owner has owned property for long time and paying only $4,000 in real estate taxes which is like 0.17%.
New buyer at $2,400,000 would pay at least $24,000 in real estate taxes.
For my house, I'm paying 3X less than if at "market". Would I save tens of thousands of dollars moving to a no State tax?
For long time homeowners (old people), they pay less than the young new buyers who carry heavier share of real estate burden.
I like to think that Prop 13 is important reason for increase home prices in CA.
You have to make a lot of money to buy a nice home here.