How to get the assesed value of my CA home made permanent, not just temporary?
The value of our house has been “temporarily” reduced and will continue to be re-evaluated yearly by the county until it reaches the base value it was assessed when it was purchased.
Is there anything I can do, like a home improvement project, that will reset the base value of my house?
I do understand, I am afraid you don’t. Yes, my taxes are lower by the new “temporary” assessed value. Lets play pretend… housing market rebounds next year. The county reasses my house… they will reasses every year until the house is assessed back to the base value it was assesed at when I bought it. Let’s say it gets assed back to the base next year, this is a 25% increase over the “temporary” value. I am back to paying higher taxes and increases of more than 2%.
What I don’t know is how I can take advantage of the down market to have my base permanently adjusted. I’d much rather pay taxes and increases of 2% annually on $300K rather than $400K. Maybe you can’t do it short of selling your home and buying a new one.
Really, I’m not making this up. The house was “temporarily reassessed” due to the downturn (see link below, Proposition 13). For the realtor that answered, time to brush up up your knowledge while your busy NOT selling homes!!! What I want to know is what type of construction might I do that would allow me to have my house permanently reassessed (see link below, Proposition 13)
http://riverside.asrclkrec.com/ACR/INassessment.asp#prop8