M
midori
Guest
Indeed. I didn’t realize that it stayed intact during a property transfer, though. I didn’t realize some kinds of property transfers were exempt from a re-assessment.Have you never heard of Proposition 13?
Random anecdote: Once upon a time, in college, I dated a guy from San Diego. He was talking about his million-dollar home back home… I was impressed. I felt bad about taking him to my parents’ ordinary home to visit my family for Spring Break. When he found me in private, he said, “Woah. You never told me your parents were rich!” And I’m like, “Uh, what are you talking about?” Because while my parents’ little farm home was something totally ordinary and normal for my part of Texas, you couldn’t touch getting similar house + land in San Diego for less than eight figures.
Then I went and visited his family for a week during the summer. I was expecting to see your stereotypical mansion… and all it was was a nice little house, kind of small, in a nice, ordinary neighborhood, and some pretty mountains nearby. It was an expensive house, but it was expensive because it was in a desirable area, not because it was all-that-and-a-bag-of-chips.
That was one of my earliest lessons in real estate values.