Escrow Out Loud: San Francisco Real Estate

Today on Escrow Out Loud, our San Francisco Real Estate podcast, we cover one of the dreaded certainties of life, taxes; how property taxes work and how they are calculated.[00:21] Before the taxpayer rebellion in 1978, that led to a change in proposition 13, looking at how properties were assessed in California, the county would asses property value and tax accordingly. Since the change in proposition 13, however, property taxes are capped at 1% of the purchase price of the property. Are there any other additions to this we should be aware of and do we still need to be worried about any increases in property value the next year?We break it down by looking at an example.[06:29] So, this probably sounds like a pretty good thing in the current market, with increasing property values, but what happens in a downturn?Britton points out that another important aspect to be aware of is that the tax assessor’s office is in touch with the department of building inspections. What does this mean exactly? Well, they will