Hidden Property Tax Triggers
No se pudo agregar al carrito
Add to Cart failed.
Error al Agregar a Lista de Deseos.
Error al eliminar de la lista de deseos.
Error al añadir a tu biblioteca
Error al seguir el podcast
Error al dejar de seguir el podcast
Hidden Property Tax Triggers
-
Narrado por:
-
De:
Last week we talked about property taxes being reset when land changes hands. That is true, but it is not the whole story. One of our listeners, Steve related a personal story which I’m going to share here. He writes:
Your property tax episode struck home. My family owned what started as landfill since 1969 in California. In the late 90’s it was full and a race track built on it. The track builders signed a 25 year ground lease with extensions. Since the lease was this long it was deemed an effective sale. Taxes went from 15k/ year to over $200k per year. Years later when we had to evict the tenants we got stuck with the new amount 😂🤣. If the lease was structured differently this could have been avoided. Expensive family lessons learned by my dad or grandpa are branded into my memory.
Yes, Steve, this is a nuance that I missed in my earlier episode. In some jurisdictions, a reassessment can be triggered even when the deed never changes hands. A long-term ground lease can do it. An assignment of that lease can do it. In at least one important jurisdiction, a tenant default that terminates the lease can do it. And if you own property inside an entity, sometimes the transfer of interests in the entity can do it too.
------------
**Real Estate Espresso Podcast:**
Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)
iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)
Website: [www.victorjm.com](http://www.victorjm.com)
LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)
YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)
Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)
Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)
**Y Street Capital:**
Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)
Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)
Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)