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Reply to "Palisades Fire - Los Angeles"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Even if those who lost their home were insured how many people who have lived in their homes for decades will be able to afford the new property tax assessments? I think people are going to leave in droves. [/quote] The property tax is assessed based on the value of the home. Assuming they rebuild a new home of similar size it won’t be that different. [/quote] I was under the impression most places there don’t reassess taxes until the property is sold, rebuilt or improved. There are people paying $3500 in property tax a year on 3 million dollar homes they purchased 30 years ago. If they are rebuilt as a like structure wouldn’t their rate go up?[/quote] No, I believe the rule is under Prop 13 you keep the last tax assessment as long as it is rebuilt in a "like manner" with similar square footage and specs.[/quote]
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