Foreclosed San Francisco
May 10th, 2010
Foreclosed San Francisco
Question: i bought a home in san francisco for 280,000 it was from a relative well i fixed it up and rented it. im?
renting it for what the mortgage is. cant rent it for any more, well they just told me 1yr later that the house is worth 580,000 and so there raised prop taxes. i cant afford to pay them. so im gonna sell in June. WILL THE CITY WAIT FOR THERE MONEY TILL HOUSE SELLS OR WILL THEY MAKE FORECLOSE.
Answer: If you purchased the property from a parent, grand-parent, your child, or a sibling you can file a form with the county tax assessor and the property will not be reassessed, but kept at the same old assessment value.
Whenever a property is sold the property will be reassessed to the current value, other than the exception stated above.
In California because of Prop 13 a property assessed value can't be raised more the 2% a year from your sales price and/or the fair market price when you purchased it.
CALIFORNIA WILL NOT MAKE A PAYMENT PLAN WITH YOU. If you don't pay the tax bill it takes four years before the state sells the property, however your lender will foreclose on you way before that time for the unpaid taxes.
If you are selling within the next 6 months all will happen is at the closing of the escrow all the back taxes and penalties will be deducted from your proceeds of the sale.
San Francisco Area Foreclosure(San Lorenzo)
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Posted in Foreclosed Homes | 
Tags: banking, california, consumer, economics, foreclosure san francisco, foreclosure san francisco ca, non-profits, San Francisco
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