Home Buying in Lake>Question Details

nfpn2@sbcglo…, Home Buyer in Oceanside, CA

If a foreclosure property is purchased, will taxes be based on the purchase price or the previous appraised value?

Asked by nfpn2@sbcglobal.net, Oceanside, CA Fri Feb 22, 2013

This question was asked from this property: http://www.trulia.com/property/3109660370-3465-Los-Mochis-Wa…

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I have seen the San Diego County Tax Assessor all over the map in the past year in terms of the assessed value on recently purchased properties. It used to be you could always guarantee it would be the purchase price, but not anymore. Make sure you pay attention to the first assessment you see and if it seems out of line, don't be afraid to dispute it. Getting the lowest value initially is key since all your future property taxes will be based on that first valuation.
0 votes Thank Flag Link Tue Feb 26, 2013
It is actually a fair question. Typically the taxes will be prorated at closing based on the last known tax bill. Then expect a reassessment before 3/1 for what ‘true value’ is, essentially what you paid for it is the answer most are giving here. However there is a caveat and that is the County will look at that ‘purchase value’ - and if indeed vastly out of line for the neighborhood - they will place a more realistic market value onto the property regardless of what you paid for it. It is their prerogative not yours. However the county tax assessor appraisal office is swamped and understaffed so the purchase price would really have to be a stand out red flag to have such an event occur. I have known such situations historically though so keep that in mind. John Linthurst 760 297 0771
0 votes Thank Flag Link Fri Feb 22, 2013
Taxes will be based on Purchase price.
0 votes Thank Flag Link Fri Feb 22, 2013
Good Afternoon,
Taxes will be based on the purchase price.

Are you interested in the property that is attached to this question? It is not a foreclosure and is available. Contact me directly if you want to go see it this weekend.

Sinead McAllister
McAllister Homes Real Estate
0 votes Thank Flag Link Fri Feb 22, 2013
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