We are selling a condo in Malibu. We don't own the land beneath the structure, but have been paying "rent". A prospective buyer
wants to know if he purchases the property under the condo how that would affect his property taxes. My realtor didn't know the answer.
Answers (1)
FIRST ANSWER
I would check w/ your county assessor's office to determine the tax liability. I'm not quite grasping the setup you have, but it sounds like some sort of leasehold estate. My guess is that the county would reassess to include the improvements and land in the same parcel and new owner of both would be responsible. Check w/ the county assessor's office.
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