Home Buying in San Francisco>Question Details

Tony, Home Buyer in Vancouver, WA

Will the property tax be adjusted accordingly to the purchased price?

Asked by Tony, Vancouver, WA Thu Oct 16, 2008

The purchased price is 20% less than the property value which the tax based upon, will the new property tax be 20% less? or the city just follow the general trend for the value of that particular area.

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Answers

3
Hi Tony,

My understanding is the the property tax is reassessed upon sale at the new purchase price. When you buy a property in San Francisco, you pay the seller's tax amount at the close of escrow. This will be lower or higher depending on how long they have owned the property.

The City of San Francisco will reassess the property at the new sales price and issue a Supplemental Tax Bill. If the new value is lower, there should not be any supplemental bill.

Keep in mind that the City takes a while (a few months, usually) to update the tax records so you are likely to pay tax at the higher amount for some time.

I would recommend you speak with the Tax Assessor/Recorder's office after the close of escrow to let them know the situation and see if they will help you. As it's been said, their office is busy right now!

Best of luck,
Danielle

Danielle Lazier, Zephyr Real Estate
415.695.7707
danielle (at) zephyrsf.com

http://sfhotlist.com/blog/
Web Reference: http://sfhotlist.com/blog/
1 vote Thank Flag Link Thu Oct 16, 2008
Tony,

You need to speak with the Assessor's Office. Here's a link to their site about reassessing values - http://www.sfgov.org/site/assessor_index.asp?id=15241#HDIAMAV

Their Personal Porperty Division phone number is 415.554.5531.

Regards,

Lance King/Managing Broker
415.722.5549
lance@fixedrateproperties.com
1 vote Thank Flag Link Thu Oct 16, 2008
Hi Tony, your property tax is based on a percentage of the purchase price which is 1.25%. In the event you purchased a home and it has gone down 20%, you can talk with the County about reducing your property taxes.

I doubt you will get it, at least right away because they have been bombarded with requests.

Good luck,

Dave Tap Tapper
Web Reference: http://Teamtapper.com
1 vote Thank Flag Link Thu Oct 16, 2008
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