Updated almost 4 years ago on .
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🤢Supplemental taxes?? How much can I expect the bill to be??🤮
Quick questions-
What kind of taxes and who pays?
Senario-
Family #1 buys at $700k in sunny California🏝in 2015. Family #2 wants to come in and buy at the new property in 2021 valued now at $1m. Family #2 now needs to pay the taxes on the new assessed property tax (.73% avg) of the $1m. Right? Is it as simple as that?
The questions that arise-
When and why does supplemental taxes come into play?
Who pays them if the property was purchased as an investment, flipped and then sold 3-4 months later?
Am I over thinking this?