04-03-2010, 10:09 PM
What a bonehead maneuver that would be.
Here in CA you pay property tax on the purchase price and, thanks to voter revolt in 1978, the property tax can only go up 2% per year max. (Some argue that contributes to higher property values because people like knowing that their property tax can't be arbitrarily increased.)
But when you add a Ferrari to the purchase price of your home, you are paying for that every year.
I usually try to just buy the barebones land in the purchase agreement and then all the fixtures in under separate contract so my property tax isn't based on all the stuff inside. The assessor gets pissed at me when I do that.
Here in CA you pay property tax on the purchase price and, thanks to voter revolt in 1978, the property tax can only go up 2% per year max. (Some argue that contributes to higher property values because people like knowing that their property tax can't be arbitrarily increased.)
But when you add a Ferrari to the purchase price of your home, you are paying for that every year.
I usually try to just buy the barebones land in the purchase agreement and then all the fixtures in under separate contract so my property tax isn't based on all the stuff inside. The assessor gets pissed at me when I do that.