Quote:
Originally Posted by JavaBrewer
Would rebuilding resemble remodel when it comes to property taxes? I'm not an expert in property re-assessment triggers other than I think a remodel needs to stick in a few guidelines to avoid a rebuild situation and resulting re-assessment. Just curious if anyone here can chime in.
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From what I saw on TV, the local gov't are cutting a lot of red tape, and will allow a rebuild to 120% or original specs and keeping the same property tax base. This is quite nice actually, I wish I could extend my house by 20% with no prop tax penalty ! Also prop tax on the building is waved until rebuild is done, but sadly they continue to owe prop tax on the land which in most cases is like 60-80% of value. You cannot get a free lunch I guess.
What I'd like to see is some sort of capping of contractor fees within reason to avoid gouging and the richest folks going first, but it's capitalism baby, no way that happens!
Insurance is a concern and that will have to change... Even other areas of CA where it rains a LOT are being dropped... Where I live, my friendly agent told me in no uncertain terms, "do not ever be late paying for home insurance or the mothership will drop you" - grandfathering is saving us for now.. if Insurance goes away, so do I. (assuming you can sell an uninsurable property, that is, but it is California, I think you always will attract buyers to a nice area with good weather. Maybe state insurance, no idea.)