Complain all you want about how high property taxes are– it could be worse. To wit, an anecdote below from one of my favorite people:

Dear Cece:San Francisco is not the only insane real estate market in the world. About 70 years ago, my grandfather bought a cute little cottage (pictured here) on a barrier island off the New Jersey shore about 100 miles East of Philadelphia. Its now owned jointly by my Mom and her two brothers (baaaaaaaaad arrangement). A couple of years ago the tax assessment broke $1 million dollars, based largely on the land value.

Our town, Mantoloking, has become one of the most sought-after high end markets, because its very small, exclusive, has no business district or school and no space to grow (i.e. no new neighbors).

Anyway, we just got a new assessment for our house….. $3.4 million dollars ( !!!!! ) We’re talking about a tiny cottage, not winterized, ancient electrical system and plumbing patched will-nilly for 70 years. It’s only useable a maximum four months out of the year, cramped litle bedrooms….

… so $50,000 a year in taxes !!!!! We love it, but can’t afford it anymore. Sad end to a long family era. Too bad no one in my family is as rich as the neighbors on our block. (All the other cottages were bulldozed in the 70s).

Jonathan–

If you have questions about how property taxes are assessed (and re-assessed) in California, logon to The State Board of Equalization FAQs. You’ll learn about when a property is excluded from re-appraisal upon transfer (hint– you have to be over 55, disabled or transferring the property to a child or grandchild.)

This entry was posted on Wednesday, September 26th, 2007 at 12:00 pm and is filed under Miscellaneous. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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