All Forum Posts by: Nathan Stanley
Nathan Stanley has started 14 posts and replied 38 times.
Post: Solar for possible future tenants??
- Real Estate Agent
- Salt Lake, City
- Posts 41
- Votes 10
If we put solar on our current primary home, will it help with value? Will it really matter if we rent it out in a few months? Our bill during the winter, is lower than $200. But in the summer it is $400+, but does it really matter if we aren't the ones paying? Smart or foolish?
Post: 🤢Supplemental taxes?? How much can I expect the bill to be??🤮
- Real Estate Agent
- Salt Lake, City
- Posts 41
- Votes 10
Originally posted by @Lynnette E.:
I inherited a cabin from a relative in CA. I resold the cabin. I had to pay the supplemental tax bill at closing for the prorated amount. The County gave an estimate. When they pulled it all together and did the exact figures I had over paid. So a year later they sent me a form to recoup a few hundred dollars. I sent in the form, verifying the sale day and they sent me the check. That sales contract said that the taxes would be prorated.
For a undeclared wholeseller on another property, those jerks got what they deserved. The County had not figured out the supplemental taxes before it was resold and their contract did not say that taxes were prorated. The contract was --you get this amount $xx. They got the whole bill! For the time I had it! It was previously bought in the 1970's and transferred to me about 7 months before it sold, in 2018. So the value went form maybe $75k to $525k. And even better it sold in October!
If you call the assessor's office for the value, you can then call the tax collector's office for the amount. Some counties have a website that will do it for you based on the selling price and date you enter. LA does!
@Lynnette E.
Thank you! I will be sure to use this as a tool to help my future clients understand before they are surprised by it like I was!
Post: 🤢Supplemental taxes?? How much can I expect the bill to be??🤮
- Real Estate Agent
- Salt Lake, City
- Posts 41
- Votes 10
Originally posted by @Tony Kim:
Originally posted by @Nathan Stanley:
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?
Supplemental taxes come into play because the county generally updates assessed value just once a year. When a property is transacted, the new owner will continue paying the same tax rate as the previous owner but will also be sent a supplemental bill to cover the new assessed value. So in your example above, the new owner will continue paying the main tax bill at the same 700K assessed value but also be sent a supplemental bill to cover the remaining 300K until the county updates the assessed value.
Primary residence or investment buy and hold, or quick flip... it doesn't matter. The supplemental bill will always be sent to the new owner if purchased at a price higher than the existing assessed value.
@Tony Kim
Thank you so much for this information! Helps me understand and my clients when they have questions!
Post: Disabled Vet Tax Exemption California
- Real Estate Agent
- Salt Lake, City
- Posts 41
- Votes 10
Can anyone tell me any personal experience with this exemption or maybe a little more how it works here in this state?
Post: What 2021 accomplishments are you proud of?
- Real Estate Agent
- Salt Lake, City
- Posts 41
- Votes 10
This is a great question that is important to truly reflect on!
Me personally:
The accomplishment that I am most proud of isn't that I quit my 9-5 job and got my Realtors license. Or that we purchased and renovated our first Home. It is that I achieved the mindset that broke me out of the type of thinking that not reaching my goals was "Okay".
Surrounding yourself with the right people is incredibly important!
Post: 🤢Supplemental taxes?? How much can I expect the bill to be??🤮
- Real Estate Agent
- Salt Lake, City
- Posts 41
- Votes 10
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?
Post: First Investment property: Buy and Hold DIY
- Real Estate Agent
- Salt Lake, City
- Posts 41
- Votes 10
Here is a link to a website that showcases a few of the improvements to our first investment property, A buy and hold we purchased back in late 2020 using our VA home loan. These improvements were a good way to really gauge what we are able to do and what may be left for the pros! All said and done, A great first experience for the both my partner and I!
Post: Question of the Week: Are you IN or OUT?
- Real Estate Agent
- Salt Lake, City
- Posts 41
- Votes 10
@Dennis Maynard I’m IN! Buy and hold Real Estate is the best hedge. I do try to keep up with all current events and it’s been difficult doing so. But! With all this chaos, one thing has remained true. Real estate has been the best way to combat inflation. But the big question would be, WHEN will the market level out and exactly what does that look like? We haven’t been in this situation ever before, I don’t see anyone raising their hand with the answer. I don’t think anyone knows.
Post: Meetup in North County
- Real Estate Agent
- Salt Lake, City
- Posts 41
- Votes 10
@Mel Adams for sure check out Truerealestatemeetup. Great groups, very friendly and you can learn so much just from a chat. We meet at the windmill food hall once a month. I feel there is a need for another here in north county. I’m in Oceanside and would love to get another one started. 🤙🏽
Post: Boston ----> San Diego
- Real Estate Agent
- Salt Lake, City
- Posts 41
- Votes 10
@Kevin Martignetti Welcome to one of the coolest markets in the country! Just the military community here makes it so unique! I’m up in Oceanside and do a lot of work in north county as a agent. So many things to do and see!