8/25    How much is california property tax like?  ballpark figure?
        here in the chicago suburba, my property tax is about 1.2% of the
        price of my house.
        \_ 1% per year, based on the assessed value of your house.  The house
           is re-assessed when it's sold or there's new construction.
           \_ how is "new construction" defined?  Anything with a contractor/
              building permit? (new windows? update bathroom?)  Or more major
              things (build an addition?)  Seems like this would be a major
              disincentive to do repairs/updates?
              \_ Minor stuff doesn't count. I dunno what the cutoff is though.
                 Not minor remodeling.
                 \_ Yes, minor remodeling counts. However, you are only
                    assessed the added value of the construction. That is,
                    if you add a $50K den to your house then you pay
                    property tax on $50K. If your previous assessment was
                    $100K it is now $150K. It doesn't cause the entire
                    house to be reassessed.
           Otherwise, the assessed value changes +/- 2% per year depending on
           inflation.
           E.g., my parents' house owned for ~ 15 years is taxed at $375K even
           though it's worth $800K right now.
           If they decided to gift it to me for $0, I'd have to pay 1% of
           $800K per year.
           \_ I've always wondered how it worked with inherited property -
              some articles I have seen seemed to imply that if it was not
              a sale, it would still have the original cost basis.  Anyone
              have any experience with inherited houses and the resulting
              property tax?
              \_ Yeah it retains the cost basis.
           \_ Your parent's house is from 15 years ago and it only
              went from 375k to 800k? Something's not quite right
              here. 15 years ago 375k would by you a lot! I for sure
              would've bought one in Palo Alto for that price ;)
              \_ it's next to a freeway ... the 10 freeway
                 and you're doing your math wrong.  it's taxed at $375K
                 today, but new it was purchased for ... $150-200K?  I forget.
              \_ 15 years ago was the top of the last real estate bubble.
                 Houses have about doubled off of that high (after
                 subsequently falling for a few years) so it's totally
                 feasible. My neighbor bought her house in 1989 for $280K.
                 It's worth probably $600K. In the interim it fell in
                 value all the way to maybe $220K and was only worth $300K
                 again in 2001. So it doubled in 4 years, but fell before
                 that.
        \_ 1% + regional additions.  Albany, for example, is 1.25% I believe.
           \_ Alameda county base is 1.1%, Berkeley adds 0.6%, so in Berkeley
              you pay 1.7%.