I could really use some advice.
Can the County Assessors office raise property taxes here in California by over 150% in just twelve months? I just removed my name from the title and put on a sibling on title?
I still own the property the loan is in my name and I have been deprecating the property and have been writing off the interest on my tax returns every year since it was purchased.
I also pulled down comparable sales in the area and the assessed values are all over the map; for instance my property was re-assessed at $280,000 for a 1167 sq. ft. home built in 1981 purchased in 1988 for $137,500, where as a home that sold this year same size, same year built sold for $340,000 was only assessed for $156,500 ???
It seems to me that the assessors are just pulling number out if a hat, and if no complains, oh well!
Does ownership really change between siblings? I can prove that I’m still a silent owner/partner.
Your help is truly appreciated