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jakob
Posts:549
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| 11/25/2008 8:58 AM |
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| I was taking a walk along the nicer streets of crown point, when I came upon quite possibly the nicest house in all of PB, at 3404 Jewell. It's a beautiful huge mansion right in crown point. Of course I had to look it up when I came home. The house is massive. Zillow says it is <a href=http://www.zillow.com/homedetails/3404-Jewell-St-San-Diego-CA-92109/16922433_zpid>5785 square feet</a>. It looks like it was fairly recently built. Now the interesting thing is when I look up the <a href=http://www.sdlookup.com/Property-AA327E70-3404_Jewell_St_San_Diego_CA_92109>parcel number</a> on the <a href=https://www.sdctreastax.com/ebpp3/>county tax site</a>, it has a taxable value of only $322,561. How can this be, when it looks like it is fairly recent construction? Is property value not reassessed when you build or do a major remodel? |
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jakob
Posts:549
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| 11/25/2008 8:59 AM |
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Second try with links:
I was taking a walk along the nicer streets of crown point, when I came upon quite possibly the nicest house in all of PB, at 3404 Jewell. It's a beautiful huge mansion right in crown point. Of course I had to look it up when I came home. The house is massive. Zillow says it is 5785 square feet. It looks like it was fairly recently built. Now the interesting thing is when I look up the parcel number on the county tax site, it has a taxable value of only $322,561. How can this be, when it looks like it is fairly recent construction? Is property value not reassessed when you build or do a major remodel?
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artist
Posts:114
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| 11/25/2008 9:34 PM |
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| The answer is sometimes. It will depend on how busy they are in their office. Currently most of the offices are busy handling all the requst for re-assements because of the down turn in home prices. So they might just be behind or it might fall thru the crack but once it sells it will change. Also remember that taxable value and resale value are two very different animals. |
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Yhamla
Posts:3
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| 11/25/2008 10:06 PM |
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No, it doesn't get reassessed when you renovate a old property. Even if you add some space...they use same old ppsf and come up to a new value for the property....this value is based on last time property was sold plus 2% per year (prop13). Now if the building was not renovated rather razed and re-built....they will reassess the property and value will be based on neighborhood comps....if one doesn't like the value they can appeal. So to get around this re-valuation...most people who raze and rebuild...save a portion of front wall (there is specific by-law about it), this is usually small...few feet wide...and call it renovation....and still use old ppsf for tax purpose.
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jakob
Posts:549
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| 11/26/2008 11:27 AM |
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| Thanks for the info. So worst case they just multiply the existing ppsf of your house with the additional square footage when you build the new one. Best case they don't reassess you at all. Wow. That means you will literally save thousands per year in property taxes if you improve an existing house, rather than buying a new one. Good to know. Also makes buying a fixer and adding on and improving a way to save thousands per year in property taxes. |
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