asked

We have owned unimproved property in California since 1996 and now want to build our dream home on it. According to Prop 13, will we only pay property taxes assessed on the acquisition price of the land plus taxes on what the new structure is worth, or will the newly constructed home and the property get reassessed together now, or the day it is completed, thereby entering a new higher tax bracket with no protection from Prop 13?

December 11th, 2024

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