All Forum Posts by: Baird King

@Chad Hale - thanks for the response. There was a title change on the grant deed which, of course, calls out the percentage ownership transferred. I did not think of that.....  so I guess I am counting on there being a threshold of 50% or greater ownership transfer to trigger an assessment. 

@Scott M.. -wish I could help

@Colleen F. @Lynnette E. - Thank you both for your responses. Super helpful! Lynnette - curious why you say we would be better off as a duplex? The property is an SFR with an ADU. All else being equal (condition, sq footage, etc), wouldn't multi property typically be valued higher than SFR?

My wife and I purchased a property with a partner in a 1/3, 1/3, 1/3 split.  We recently purchased his 1/3 share and I am wondering if that will trigger a tax assessment? We had to refinance in order to pull out cash to purchase his share, and Zillow now shows the amount we paid for his share as the most recent sale price, so clearly it is public record.  I read somewhere that tax assessment only gets triggered when a >50% share transfers ownership, but I have not confirmed.  Even if a transfer of a 1/3 share triggered an assessment, how would the assessor know the ownership split in order to assess the new value of the property based off the sale price.  For example, if we had purchased the property initially for $900k ($300k per person), but we bought his share for $400k, how would the assessor's office use the sale price of his share to modify our taxes?  As far as they know we could have had a 1%, 1%, 98% split and he could have just given us a super deal... Thanks!

I am in a house hack where I live in one unit and rent out the other.  When I purchased the property, as always, it triggered a tax assessment; however, I did not hear from the tax assessor responsible for the reassessment for approximately 6 months after closing.  By the time they called, we had done considerable work to the property and were about to rent out one unit.  The tax assessor started asking me all sorts of questions about the current condition of the property (what renovations had we done, did we have any tenants, did we plan on having any tenants, etc).  I kept my answers as vague as possible without lying, but I am glad they called when they did and not a month later because we would have had a tenant by that point, and I am not one to lie.  My understanding is that tax assessments are supposed to be based on the value of the house at the time of sale.  My general question is: what am I legally obligated to tell a property tax assessor?  More specifically:

1. 1 - Is it ok to only answer questions that reflect the condition of the house at the time of sale, or do I have to disclose everything about the current condition no matter how long it has been since I purchased the property? 
2. 2 - Do I have to tell them if I have tenants if I live on the property, even if there were no tenants on the property when I purchased it?

Thanks for the help!

Looking forward to seeing everyone tomorrow eve!

Hey @Graham Johnston.  This event page is specific to the next meetup on Sept 16 at 6pm at Topa Topa.  All the event specifics are at the top of the page. Hope we see you there!  

I am a would-be first timer for this event and it sounds great! The RSVP link takes me to the LA REIA. Found the Ventura REIA site but all the info their points to the LA Expo on Thurs 10/14. Hoping you can help steer me in the right direction. Thanks!

Awesome @Allen Maris. Hope you find some good opportunities! Looking forward to hearing some of the details.

Since there is no formal way to invite people, hope you guys can make it: @Mary Jo Matsumoto @Hannah Atkinson @Jayla Siciliano @Ethan Shultz @Marco Felix @Allen Maris @Laura Kinney @Nico Pollero @Spencer Cole