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real estate taxes california
Good afternoon. I was wondering when running numbers for potential properties how the taxes work. I watch Brandon on the webinar use the county website and whatnot. however, I was under the impression taxes were based on value that the property was bought for and gradually go up. So when you buy it from that seller, don't they get reassessed for a higher amount? (assuming you are buying from someone who bought the property awhile ago).
example. I am looking at a property that was bought in the 80s. its current taxes is $900 (great for san diego). however, if I purchase it at its current price, wouldn't they go up significantly?