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Marin Real Estate in CaliforniaIt is interesting to look at the organization of the Marin County government, located in San Rafael, CA
Real Estate in Marin tax base is managed by the Assessor’s office, which is responsible for building the real estate tax rolls on an annual basis. These real estate property taxes are governed by Proposition 60, which sets a tax base on properties and allows for annual increases not to exceed 2%. When a change in ownership occurs, the Assessor’s office receives a copy of the recorded deed and determines if a reassessment is required under State law. A change in ownership occurs when there is a transfer of a present interest in the property, including the transfer of the right to beneficial use, the value of which is substantially equal to the value of fee interest. If a reassessment is required, an appraisal is made to determine the full cash value of the property as of the change in ownership date and the property owner is notified of the new assessment. Some ownership transfers are excluded from reassessment, such as, a transfer between husband and wife. Refinancing the property and recording a new trust deed will not cause a reassessment provided the ownership has not changed as a result of the refinance. Many homes in Marin are assessed at very low amounts, compared to the market value of those homes. When you purchase a home in Marin the new owners pay property taxes based upon the purchase price, which is assumed to be current market value. Many homeowners who have been in there homes for 10, 20 or 30 years have property taxes that are a fraction of what a neighbor might pay who purchased the home recently. It is important when buying real estate in Marin that you look into the taxes assessed in Marin as well as local taxes in cities that might have school bonds, sewer taxes, etc. |
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Founder, Broker & CPA: Ron Parks Licensed by the California Department of Real Estate.
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