Realtor & Loan Officer

California’s system of property taxation under Article XIIIA of the state Constitution, commonly referred to as Proposition 13, values property at its 1975 fair market value with annual increases limited to the inflation rate, as measured by the California Consumer Price Index, or 2%, whichever is less. Subsequently, real property is reappraised for tax purposes only when: A change in ownership occurs New construction is completed New construction is unfinished on the lien date (January 1) Market value declines below Proposition 13 factored value on the lien date. (ref. Art XIIIA of the State Constitution, R&T 51) If none of these things occurs, the assessed value of a property should increase by no more than 2% per year. The law provides that the sales price of the property is presumed to be its market value unless the Assessor can demonstrate through market or other evidence that the sales price does not accurately reflect market value. The Assessor must also adjus

When a sale or transfer of a property is recorded with the county recorder it is the responsibility of the new owner to complete the Preliminary Change of Ownership (PCOR). Buyers customarily complete this form in escrow. The PCOR is a two page questionnaire requesting information on the property, principals involved in the transfer, type of transfer, purchase price and terms of sale, if applicable, and other such pertinent data. One of the many reasons the county assessor needs this information is to verify the eligibility for tax relief under Revenue and Taxation Code Section 69.5. Originally passed as Proposition 60 and 90 these constitutional tax initiatives provide tax relief by preventing property reassessment when a person, age 55 or older, sells his/her existing residence and purchases or constructs a replacement residence of equal or lesser value than the original property. How Do These Tax Initiatives Work? When a person, age 55 or older, purcha

Reminder: To avoid a penalty the first installment must be paid by December 10th and second installment by April 10th. Dec 10 due is the 1st Installement due that covers for July 1- Dec 31 tax period. Apr 10 due is the 2nd Installement due that covers for Jan 1- June 30 tax period. Remember to include your APN/ property address in the memo of your check, this is how the county recognizes your property. Note. For the home buyers that recently bought the home, remember to check on the county property tax website to see if any supplemental tax billed. 我是全職房地產經紀。如果您還有任何貸款 灣區房地產問題 電郵: kattyrealtor@gmail.com Phone: 408-386-1530 Wechat: katie_w0 DRE#: 02032778 NMLS#:1494343 Googain Inc. dba MaxReal Website: https://kattyrealtor.blogspot.com/