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#5
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| "A.G. Kalman" <glendale202-taxes[at]yahoo.com> wrote: - quote - > rick++ wrote:
And maybe to try to avoid certain zoning and code> > I used to see a perverse type of remodelling in San Mateo > > County which was basically a scrape-off with one room left > > standing. The square footage was the preserved, but 95% > > new. I recall these were to avoid reassessment. I havent > > lived there in a while, so I dont know if they are still > > allowed. > Not to avoid reassessment! To avoid the county fee for new > home construction. restrictions as well. The technique is certain still practiced on occasion. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#4
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| rick++ wrote: - quote - > I used to see a perverse type of remodelling in San Mateo
Not to avoid reassessment! To avoid the county fee for new> County which was basically a scrape-off with one room left > standing. The square footage was the preserved, but 95% > new. I recall these were to avoid reassessment. I havent > lived there in a while, so I dont know if they are still > allowed. home construction. -- Alan http://taxtopics.net << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#3
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| I used to see a perverse type of remodelling in San Mateo County which was basically a scrape-off with one room left standing. The square footage was the preserved, but 95% new. I recall these were to avoid reassessment. I havent lived there in a while, so I dont know if they are still allowed. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#2
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| "ct kid" <dfc[at]hotmail.com> wrote: - quote - > I bought a San Jose CA property in 2004, as an investment.
The latter -- just the value added by the upgrade.> It has definitely appreciated since then. I have had prior > renters occupying the place since my purchase. I intend to > make significant renovations, prior to taking personal > occupancy. > My question: Will my renovations trigger a completely new > property tax assessment, or a new incremental tax basis > based just upon the value added by my upgrades. California Revenue & Tax Code Section 71 says: " The assessor shall determine the new base year value for the portion of any taxable real property which has been newly constructed. The base year value of the remainder of the property assessed, which did not undergo new construction, shall not be changed." See also Board of Equalization Rule 463: "The taxable value on the total property shall be determined by adding the full value of new construction to the taxable value of preexisting property reduced to account for the taxable value of property removed during construction. The full value of new construction is only that value resulting from the new construction and does not include value increases not associated with the new construction." It's enforced thru copying the assessor's office in on newly issued building permits. (RTC Sec. 72) There are exceptions for "active" solar energy, fire sprinkler installation, disabled access improvements, etc. Bob Daniels ("Legal advice isn't free. Free advice isn't legal.") << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#1
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| I don't know about Santa Clara County, but the rule in Los Angeles the last time I checked was that you didn't trigger a re-assessment for an addition less than 50 percent of the existing unit space. Are you getting building permits for this work? Or is it all non-permit, e.g. replacing existing carpet, kitchen and bathroom appliances and fixtures, new paint? Usually the permit application is what triggers the re-assessment...or disgruntled neighbors. Not enough information in your post to say for sure, and not enough knowledge on my part to answer definitively anyway. Hank Murphy speaking only for myself << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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| dfc[at]hotmail.com (ct kid) wrote: - quote - > I bought a San Jose CA property in 2004, as an investment.
My experience with half a dozen remodels and additions to my> It has definitely appreciated since then. I have had prior > renters occupying the place since my purchase. I intend to > make significant renovations, prior to taking personal > occupancy. > My question: Will my renovations trigger a completely new > property tax assessment, or a new incremental tax basis > based just upon the value added by my upgrades. Santa Clara County personal residence over the past decade is that: (a) There's about a 50/50 chance that taking out a building permit for improvements will trigger a reassessment some months after the final inspection on the job (may depend on how efficient and/or overloaded they are in the Assessors Office). (b) The reassessment seems to be based much more on the increase in square footage than the actual cost of the job. (c) None of this seems to trigger any change in the Prop 13 status of the property, if that's a concern. But (i) I'm not an attorney, and (ii) this is for a continuously occupied personal residence; no idea what might happen in an business situation or business-to-residence conversion. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#-1
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| I bought a San Jose CA property in 2004, as an investment. It has definitely appreciated since then. I have had prior renters occupying the place since my purchase. I intend to make significant renovations, prior to taking personal occupancy. My question: Will my renovations trigger a completely new property tax assessment, or a new incremental tax basis based just upon the value added by my upgrades. Thanx << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
| Tags |
| california, property, taxes, upgrades |
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