High property taxes in Los Angeles are leading homeowners to delay reappraising homes
When homeowners are considering purchasing a new property, they hire real estate services professionals to ensure that there is no backlog of property taxes. If a home is listed at a very low price, chances are no one wanted to re-appraise the home and pay additional taxes. Real estate in Los Angeles is no exception - recently, residents have taken to delaying the appraisal process to avoid long-term spending on valuable property.
For example, the Los Angeles Times reported that the owner of a Pacific Palisades property has saved around $198,000 since making the purchase in 2010. Real estate executive Jordan Kaplan accomplished this by simply not reappraising his home, despite the fact that it is now worth about $21 million compared to the initial listing of $11 million. As there is no legal requirement for him to do this, he will not have to worry about higher property taxes unless he decides to sell the house.
However, this is not necessarily the best practice when it comes to owning property anywhere. The best course of action is to find a home that is worth its listed value. This way, you will not have to worry about any unexpected property taxes.