Interesting Question. I do not believe that in California there are property or income tax implications from a property appraisal coming in higher or lower than the contract purchase price. You should have an appraisal completed for a home your purchase especially in the situation where you are not familiar with homes and properties of that location. If you have a Realtor agent, this person should advise you about this. Please make sure you are using a Realtor agent.
Harrison K. Long
Realtor & broker
Explore Group Properties, Coldwell Banker Previews
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