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View Diary: BREAKING: Another GOP scandal brings CA 52nd into play (271 comments)

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  •  I was house shopping during that time (0+ / 0-)

    Though not in that exact neighborhood.

    The price sounds low for a 3,000 square foot house, but not horrendously low, and a lot obviously depends on the condition of the property. The big question is, exactly what did he buy? A 3,000 square foot house or a 6,000 square foot house. Since prop 13, the square footage is incidental with regards to property taxes. Its not incidental with regards to value, since the federal government was essentially the seller a few months before Hunter bought it.

    •  Re-assessment under Prop 13 (3+ / 0-)
      Recommended by:
      Hannibal, goodasgold, ca democrat

      If the house was 6000 sq. ft when he bought it, the reassessment under Prop 13, triggered because of the sale, should have been based on that larger sq footage.

      If, on the other hand, he built a new house, or added a floor, the tax assessor still comes out--once you take out a building permit, the tax assessor follows.

      Doubling the size of one's house should trigger an increase in property taxes; land costs are not so high relative to the overall market value of land+improvements........

      •  Well, (3+ / 0-)
        Recommended by:
        Hannibal, fhcec, ca democrat

        Actually, the sale price at the auction should be what governs--initially.....But it appears Hunter made substantial improvements

      •  Land costs are by far the biggest factor (1+ / 0-)
        Recommended by:

        That's why homes in San Diego county are now selling for $500K which other places wouldn't go for more than ~$100K.  The cost of improvements is very small compared to the (highly overpriced) land.  

        In Britain they admit to having royalty. In the United States we pretend we don't have any, and then we elect them president.

        by Asak on Sun Oct 08, 2006 at 11:08:12 PM PDT

        [ Parent ]

        •  one factor if you have beach front property (0+ / 0-)

          i would be supprised if this properties land value was higher than 25% of its total value

          remeber: constuction costs are high as well

          How do you know a Republican is lying? Ask one: If the Republicans can lower gas prices for 60 days before an election, why won't they do it all the time?

          by ca democrat on Mon Oct 09, 2006 at 08:54:48 AM PDT

          [ Parent ]

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