If a home is bought for less than 70% value of a home are the property taxes going to be base on the 100% assessed value of the property

Asked by Bunkai, 92118 Wed Sep 29, 2010

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Amy Heather…, Agent, Coronado, CA
Mon Jun 8, 2015
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Rich Giglio, Agent, Imperial Beach, CA
Tue Aug 19, 2014
the tax assessors may go with the purchase price for a while, but will probably adjust for what they feel the value to be in the next year or so. The city wants their money! The city has been reviewing many properties every year.
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Matthew Bart…, Agent, Glendora, CA
Mon Oct 4, 2010
Hello Bunkai,

Typically 6 to 12 months after you purchase the home the County Tax Assessor will reasses your homes property value. This is standard practice after a home has been sold. It is also possible that you may receive a Supplental Tax bill shortly after you close escrow. It will be your responsiblity to pay for the Supplemental Taxes. Your escrow account will not pay for any SuppIemental Taxes. I recommend that you contact your Local Tax Assesor via phone during your Inspection period. Ask them if there will be a Supplemental Tax Bill after close of escrow. Ask them to verify the current property taxes. And finally, ask them if there are any delinquent taxes on the home. Make sure you inquire into this information prior to your inspection period ending. Good luck!

0 votes
Homertsimpson, , San Diego, CA
Mon Oct 4, 2010
Property taxes for California are assessed on the Transfer value. In some cases a person can move their property tax bases from one property to another; for details go to http://www.sdtreastax.com/pt_general.html or http://www.sdtreastax.com/ni_contactus.html to speak directly with someone who can explain how that works.

I hope this helps you.
Web Reference:  http://www.HomeInfoToday.com
0 votes
Kari Shea, Agent, San Diego, CA
Wed Sep 29, 2010
Hi there,

We recommend you go to the source and call the County Tax Assessors office and ask the question without giving the specifics of the property address. They are more helpful than you know.

Best of luck,

Mark and Kari Shea
Shea Real Estate
Real Estate Experts Serving San Diego County
Specialists in Investment Properties, Foreclosures, Short Sales,
Development Opportunities & Traditional Real Estate
0 votes
Joan Wilson, Agent, San Diego, CA
Wed Sep 29, 2010
It really depends on how you purchased the property. The assessor will look at why and how you managed to buy a property at 70% of value. So really, there is more to the story.

Let me know if I can help you in any way!

Joan Wilson (Realtor, SRES, Ecobroker, Certified REO, HAFA, and Short Sale Specialist)

Prudential California Realty
Direct Phone: 760-757-3468
800-975-7481 x 111
Fax: 760-946-7894
License # 01341483
Blog: http://JoanWilsonRealtor.com

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Christine Van…, , Coronado, CA
Wed Sep 29, 2010

Yes everyone is right here...I think Megan said it well, the tax assessors may go with the purchase price for a while, but will probably adjust for what they feel the value to be in the next year or so. The city wants their money! The city has been reviewing many properties every year.

Good luck!
Christine Van Tuyl
Prudential California Realty
Coronado, CA
0 votes
Rob Graham, Agent, Seattle, WA
Wed Sep 29, 2010
Most county assessors are smarter then you think. They won't take an unreasonably low purchase price into consideration when determining tax assessed value. They will do their own assessment and tax you accordingly.
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Bruce Vaudt, , San Antonio, TX
Wed Sep 29, 2010
Property tax laws vary state by state. Consult a local REALTOR.
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Dan Majkut, , Taunton, MA
Wed Sep 29, 2010
Taxes are based upon assessed value, period. If the taxes were based on the sale price, it would be entirely unfair. For instance, if someone buys the million dollar property from grandpa for $1.00, the taxes would be mighty small. Etc...

Assessed values are derived by comparing the subject property with all the other properties in the taxing authorities jurisdiction.
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