Comment by pc86
7 days ago
It's not in California, there are several states that do this. California is not actually the worst because at least my understanding with California is that there is a public formula you can run based on lot size, sale price, and/or assessment value to figure out your tax liability. So basically you can figure out what your taxes will be like for any offer you make.
It's just market value.
> *SECTION 1. (a) The maximum amount of any ad valorem tax on real property shall not exceed One percent (1%) of the full cash value of such property. The one percent (1%) tax to be collected by the counties and apportioned according to law to the districts within the counties.*
(https://leginfo.legislature.ca.gov/faces/codes_displayText.x...)
At sales time basically the sales price establishes the assessed value for taxes.
Again, this isn't a precise reading, but the general idea.