It is interesting to look at the organization of the Marin County government, located in San Rafael, CA

Real Estate in Marin tax base is managed by the Assessor’s office, which is responsible for building the real estate tax rolls on an annual basis.  These real estate property taxes are governed by Proposition 60, which sets a tax base on properties and allows for annual increases not to exceed 2%.

When a change in ownership occurs, the Assessor’s office receives a copy of the recorded deed and determines if a reassessment is required under State law. A change in ownership occurs when there is a transfer of a present interest in the property, including the transfer of the right to beneficial use, the value of which is substantially equal to the value of fee interest. If a reassessment is required, an appraisal is made to determine the full cash value of the property as of the change in ownership date and the property owner is notified of the new assessment. Some ownership transfers are excluded from reassessment, such as, a transfer between husband and wife. Refinancing the property and recording a new trust deed will not cause a reassessment provided the ownership has not changed as a result of the refinance.

Many homes in Marin are assessed at very low amounts, compared to the market value of those homes.  When you purchase a home in Marin the new owners pay property taxes based upon the purchase price, which is assumed to be current market value.  Many homeowners who have been in there homes for 10, 20 or 30 years have property taxes that are a fraction of what a neighbor might pay who purchased the home recently.

It is important when buying real estate in Marin that you look into the taxes assessed in Marin as well as local taxes in cities that might have school bonds, sewer taxes, etc.

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Since there’s no such thing as “one size fits all” in real estate, the team at Vision Real Estate tailors a program that makes sense for each client. Their professionals will negotiate the best terms and price, conclude the transaction swiftly and smoothly and communicate to you clearly. Buying and selling real estate doesn’t have to be an anxiety- ridden experience! Whether you are selling a home, buying a home, exchanging investment properties or investing in the real estate market, they will guide you every step of the way.

Vision Real Estate’s Sellers and Buyers Advantage Programs provide the advice and guidance you need to stay on top of your transactions. Their Advisory Services Program can keep you abreast of trends and changes in the real estate market and provide detailed information on specific communities. Visit their website to look at their listings and learn more about their agents. Then give them a call and let them put their expertise to work for you.

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Canadian Luxury Market goes from Hot to Hotter

In case you missed it last week, Forbes published their list of the 500 most expensive zip codes in the U.S. for 2007.

07620 (Alpine, New Jersey) and 33109 (Fisher Island, Miami Beach, Florida) tied for the top spot, with a median price of $3.4 Million.

The rankings are based on median sale prices from June 2006 to July 2007 and are dominated by zips in California, Florida, and the NYC metro area. If the rankings surprise you, it is worth noting that, as with all such studies, the methodology determines the results. As the author notes:

Though often shorthand for neighborhoods, ZIPs don’t change to reflect shifting neighborhood or demographic boundaries. The result? Our list is a bit slanted toward low-density enclaves like Alpine, where there are 333 people per square mile, as opposed to parts of Manhattan, where there are 45,800 people per square mile and a larger variance of home prices.

For the complete article click here.

(In a world of lies, damned lies and statistics, it is nice to see a bit of explanation instead of spin).