Prop 19, Zillow Estimates, LLC I think overall Zillow estimates are fairly accurate. Zillow isn't going to know if the property has a million dollar view or the condition of the home. Estimates are just estimates anyways and can vary based on who is doing the onsite assessments.
If a property hasn't sold in a long time, the estimates tend to be lower than actual. If there are recent sales near the property, this will provide a better estimate.
And I've read (and this may be just a false rumor) that if you check the price for your property over and over on Zillow, Zillow notices this and anticipates you may sell the property. Zillow lowers the estimate because Zillow now buys property to flip, so they're lowering the estimated price so they can buy it from you at a lower price.
Prop 13 raises the property tax 2% per year and property tax is 1% of the assessed value. The .25% is the estimated total tax added on, like school bonds, water improvements, etc., which varies in percentage based local to your area. But if Prop 19 reassesses the property, your total tax bill would be based on the 1.25% rate.
I think assessors will tend to assess your property on the lower side. They don't want to get bombarded by homeowners saying their assessment is too high (too low is ok, but not too high!).
Anyone figured out what to do with Prop 19?
I was curious if an LLC can buy a property and keep the existing, very low property taxes after the sale, why can't a family trust assume the same lower property tax assuming that no member of the trust owns over 50%? I think it's stupid, but what I'm reading seems to imply that a trust is not a "legal entity". You can sue an LLC, but you can't sue a family trust. Seems very, very unfair since after selling property to an LLC, none of the original owners would own any of the sold property. If that's not a change in ownership, what is? ;-)
The Prop 19 tradeoff is keeping the lower tax rate OR getting the step up in cost basis. With Prop 13, you got both. But on Feb. 13th (not 16th), you'll get the step up in cost basis only and any non-primary residences will be readjusted to current market rates.
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